Where Does This Imaginary Crypto Money Come From? 😦 | DTUBE QUICKIE
Hey SteemSquad and DTubeNation!
Does someone know how it all works? Can My Word Documents make me rich someday?
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It's a great question, and I thought you were going to give us the answer there!
I think an even better question to ask would be: Where does all this FIAT money come from? Its value comes from the respect we all give to it. Simple as that. If many people want money, its value goes up. If there's a limited supply of it, its value goes up. If there's a lot of it, its value goes down.
We grow up believing in the power of money, and therefore we value it. Bitcoin is a token of exchange - its power lies in the amount of trust the person buying or owning it has that it will hold its stated value. The same goes for other cryptocurrencies.
And the same goes for fiat currencies. If you're holidaying in a country that's being hit by hyperinflation, as soon as you get the local currency, you'll spend it as fast as you can.
There's a short animated film called Money as Debt. It will make you rethink where ALL money comes from!
Brilliant comment @natubat
Thankyou :)
Super interesting! Thanks for sharing
Thanks!
It's so funny how common this question is when trying to explain the future to friends who are not on Steemit and DTube... yet. :-)
haha very much so
Ive been into crypto for years since bitcoin was very cheap. I even mined back in the day, and I still struggle to understand it :-)
haha yeah, best we never know then
The fiat currency that you used to buy your coffee with, is also created out of thin air too ^^
Then it's loaned to governments, at interest.
Thus all $s in circulation are in fact only the principal of the loan, therefore, it can never be paid back with interest. That's why the fiat system is collapsing.
Peace.
#DEEP
I know, right, it's hard to try to explain it to friends.
My explanation is that part of the money comes from the investors. The more 'real' money of government established currency there is invested, i.e., the more people deem it worth, the more worth it has. But then there's the thing with mining, which I have to thoroughly understand.
BUT, the thing is - what @natubat touched upon in the comment - to better understand crypto, we have to understand how we give value to fiat money, in its essence.
It's such a headache haha
I couldn't stop thinking about all that stuff when I joined. I tried to explain it to my wife and realised that I had no clue where the magic crypto came from. Then I realised that I don't know how money works either and yet I have no problem spending it, so I stopped trying to figure it out. Or did I? No, actually I didn't. I just finished my second audiobook about crypto today, but it didn't explain any of that either so I still don't really know whence comes the magic crypto money.
It's all a mystery then haha
obviously crypto comes out of Butts. honestly i became so fascinated by the brilliance of the walking shot of you in that alley with the pipe running at an angle and staying in line with your head and hair. then you would stop, the whole wall and pipe were ever lengthening. i kinda wish your last small bit had ended at the end of the pipe when you hit the door, but thats just cause im weird. p.s. if you ever want to get in on a pre-mined ICO of the newest best coin, a coin that solves so many block-chain problems, a multi faceted coin that just helps people... get in on Buttcoins..... i know a guy who knows a guy. DM me
hahahaha i love you, butt
Great share Kevin, very interesting topic to think about...@kevinli
Thanks
Good video !!
Cheers!