I may be dumb and I'm sure others have also asked things similar to these but I just don't get it. If anyone can create their own crypto currency, how is its economic impact not equivalent to inflating the total currency market? I mean sure the number in your wallet doesn't change and the blockchain you're on is insensitive to others but your total purchasing power is guaranteed to change based on people's trust in the crypto currency (which is equivalent to fiat except that the currency number remains constant even though the purchasing power does go down). Let's say you're on Bitcoin and a better alternative shows up, and in this scenario let's say 1 Bitcoin is 1 luxury car. If another crypto currency becomes more popular and reduces Bitcoin's market share in total transactions, your Bitcoin would be worth less than 1 luxury car. How is this not inflation? The system we have now is government printing money, the crypto system is private parties printing money.
>>59238062im too stupid to answer anything u ask about crypto but holy fuck is that face fuckable.
>>59238062i didnt read anything you said but its a hedge against inflation because the price increases higher than the inflationary rate, so its better than letting money sit in USD which is gradually devaluing
>>59238062I'm not going to read your post past the title, but it's because most assets are a hedge against inflation. When the value is tanking as hard as USD, it's not hard
>>59238062Well yeah if a better alternative shows up to bitcoin, bitcoin is gonna loose value, that’s how markets workBut it’s a hedge against fiat inflation, ie nobodies gonna print more bitcoin
>>59238062Nothing can truly be a hedge against inflation except your body health, shelter, and actual resources like food.Now please provide sauce of the artist, I really love stuff like this.
>>59238062the only one you could argue is a hedge is Bitcoin and even then I wouldn't bet on it. Bitcoin went like -80% during the worst inflation in 40 years. so how is that a hedge?
>>59238356Just click the iqdb button, anon
>>59238375Yeah I actually found the source using Yandex.
>>59238364over a long period of time, it goes up. if you had 100k that you had to either keep in cash or put into bitcoin for 10 years, and you couldnt touch it until then, which would you rather do?
>>59238301
>>59238318Ok, so it has nothing to do with any utility crypto currencies have and it's just because it's an asset? If so, then it's a really trash and infinitely printable asset. No one's going to print more bitcoin but people will create new assets that will eat into yours at no cost. Based only on trust.>>59238319I think the previous answer covers this. Crypto currency is an asset class and making more of this asset is only based on trust in its value. Creating a new crypto currency and getting it adopted by others is literally equivalent to printing fiat money.>>59238346Nobody is going to print more bitcoin but anyone can print anything else in this asset class and its value is only based on trust. How is this special for crypto currencies?>>59238364So crypto currencies don't have practical use case, and they're also not useful against inflation? Then why use them at all?
>>59238062Only bitcoin is, cuz line go up forever
>>59238062TLDRDo whatever you want bro.
>>59239566This. Fuck crypto. Bitcoin it the OTP.
