RE: Crypto or Fiat Currency: It's All About Trust
This is an incredibly well-presented post @agmoore :)
"It cannot be deposited in a bank" Oh no Dr. Yermark, what a simplistic way of viewing money. I wonder if this is something my late granddad would say!🙄
Some of your description under the heading Adam Smith, brings to mind the current reality of Venezuela. Also, it explains a lot of folk tales, from my country, of people who buried their money for so long that in the end, it either lost value or decomposed. While these tales have a comedy purpose they do reflect the fear and luck of trust people felt towards the system :/
Now, on to read that article published by the IMF that you shared here :)
Thank you for taking the time to put this amazing article together and share with us here. I will send it to a few people too!!
Best :)
Thank you so much! I had Venezuela partly in mind when I wrote. Spanish (trying to read it, speak it) is one of my hobbies so I read posts by Venezuelan steemians.
Interesting that you mention your grandfather. Mine lived through the Great Depression in the US. He was a farmer and apparently came close to losing everything. He refused to deal with banks when I was a child. I remember he bought a house, and 10 acres, for cash. I think his aversion to banks led to a certain amount of disarray for his heirs. Of course, all of this was family legend, but the thing that stuck in my mind was his suspicion of banks.
Writing this post was fun, and also a learning experience. That's the best part of blogging, the things I learn--and the people I "meet".
Appreciate your reading and commenting!