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this post was submitted on 29 Aug 2023
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Technology
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Ha. Hu ha ha. Ha. Hahaha.
Money has value because it is an efficient medium to facilitate trade. Specific forms of money have value because of what backs it and it acts as a medium for trade. And yeah I'm sure what society really values will at some point be a money that limits the ability to deal with economic crises. Or that slowly disappears, because privacy Bob didn't believe in banks but his SSD failed, or because Crypto Karen forgot her password. Or a hacker loots an exchange.
I mean, it's not like those are fundamental problems that could bring an economy to it's knees right? But hey, at least the money has privacy (it won't) and we don't have to worry about inflation (deflation on the other hand...).
Cryptocurrency is the most efficient money we have. It doesn't require any middle man bankers. Sure, hackers can hack and loot exchanges, but right now we have the government looting us with inflation.
The problems you mentioned are being worked on. There are ways to backup and restore your wallet that will become easy.
The global economy doesn't need to only rely on Bitcoin, so the argument that we have to worry about deflation is just wrong.
You are either misinformed or brainwashed.
https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html
https://www.whitehouse.gov/ostp/news-updates/2022/09/08/fact-sheet-climate-and-energy-implications-of-crypto-assets-in-the-united-states/