Euros, dollars, pounds, francs, and yen are all more stable and easier to use than cryptocurrencies.
replyIt gets even easier once you toss in Visa, Mastercard, Discover, Amex, various debit card and regional networks, and ubiquitous banking services. Checks and online ACH payments are free or nearly free. Payment card platforms are cheap in consideration the value you get for them.
Meanwhile actually spending crypto is quite expensive - worse than Visa’s transaction fees, and far less consumer and merchant protections.
The key difference is that they all require identity to use and can be traced back to a person.
replyCash requires no such thing. Neither do easily available gift cards. There is a little more friction involved.
replyAs a merchant I have zero desire to sell online to an anonymous buyer because the fraud risk is too high. I have to know whom I’m shipping to and how they’re paying for it.
That is by design and is a good thing to everyone except cartels and communist governments.
replyWhat about people wanting to buy abortion pills?
replyCash, at a pharmacy.
replyCrypto doesn’t make that any better.
Neither does online ordering. Online orders have to have a degree of KYC.
Banks racked up huge losses on subprime mortgages, get bailed out to save customer deposits which the banks continue to profit from, most bank execs walk away scot-free, and that's a vindication of the system? They literally gambled with customer funds, lost it all by enriching incompetent sellers of bad MBS, and got it replaced by the government. With the money supply being inflated from the replacement, the only people who benefitted were the bad actors who still have a share of the now diluted supply of customer funds.
replyThe fundamental structural problems from 2007-8 are still here. The system has been running with paper over the cracks in the foundation for almost 20 years.
replyEvery system ever has been a patchwork. Dodd-Frank and it's orderly liquidation rules are a genuine benefit. We had a commercial bank collapse a few years ago and there was no contagion.
replyMost of the market is now in shadow banks. What happens when they collapse?
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