>>18171754Most crypto is equivalent to fiat though, it's backed by nothing and only scarcity/hype can give it value (scarcity is something that most cryptos don't do because they exist only to enrich the devs who made them, and scarcity is not built in).
I am working on an asset backed crypto that is specific to one continent on Earth. I wrote a book about crypto and understand what I am talking about.
I also understand that if this comes to pass I'll be a dead man walking so will say no more.
You are correct in a way though. The number one lesson I learnt writing my book was that all currencies are not based on economics, they are based on a hive-mind psychology.
Once people lose faith in a currency, it degenerates into something akin to mass hysteria, or something like it.
It's literally "people power" - the greater the aversion to the currency, the more it hyper inflates.
I recommend you read about this yourself, it's fucking insane. All money is literally a social construct.
The nutcases on the Left were right conceptually but they never identified the correct target.
