> The coins themselves are worthless, but accrue "fees" in fiat (ex. when you exchange USD for UST).
But why are the coins worthless? I'm sure your answer would be "because they're a scam" (probably more indirectly, but it would boil down to that point). But your reasoning for why the coins are a scam involves them being worthless.
Also, this isn't even true but the standard definition of worth of something like "what the market is willing to pay for something".
I think the metal in US coins is worth something, so even assuming paper currency is worthless the coins are worth more than all of the cryptocurrency, which is worth zero. Of course there’s always a greater fool who will pay something for a dogecoin, just like there’s always a greater fool who will pay 25 cents for a penny.
Calling them currrency is already a scam. They are not a currency. They are hardly money (look up the difference yourself), because you mostly can’t buy stuff with it. And for sure, you can’t pay taxes with them.
I read a great question here on HN a while back to enthusiasts:
If you were the last person in earth to receive coins, would you still like them and endorse them?
So many comments can be traced to the idea of becoming richer. Compare this to the Euro: When the Euro was introduced as a currency in the EU in 2001, people gave zero fucks whether they were first to exchange their old currency for the new one or the last.
No coins are ever 'worth' anything really. They're just coins. It's a question of who mints them, whether bad actors get to help themselves as the coins come fresh off the presses, and whether the economy that trades them will keep allowing fair future trade or not.
Worthless coins is a feature, not a bug for me. I can toss them somewhere and eventually redeem them in a Coinstar machine. I don't like the bigger Euro coins. It means I actually need to be aware of spending the coins when I travel to Europe. Much prefer only bills, touchless cards/phone, credit cards.
Sure, but they're still going to want to _spend_ those coins at some point, and coins that can't be redeemed in the US are worth less than ones that can.
The volume is fake, which is the point. They want you to believe they are equivalent to dollars, and this fake money comprises the majority of purchase orders for all coins. If the spot price of the fake money falls to an accurate price (nothing), then it will tank everything it has touched.
At best, these coins are the prize tickets from a game played with legal tender and those prizes are certainly valuable but because tickets can be exchanged for prizes you convince a bunch of ignorant people to just give you money for tickets.
Your version ignores the nfts and other garbage "built" on the block chain
> The coins themselves are worthless, but accrue "fees" in fiat (ex. when you exchange USD for UST).
But why are the coins worthless? I'm sure your answer would be "because they're a scam" (probably more indirectly, but it would boil down to that point). But your reasoning for why the coins are a scam involves them being worthless.
Also, this isn't even true but the standard definition of worth of something like "what the market is willing to pay for something".
reply