cryptonomics

If you think cryptos are worthless the scary reality is that your dollar is also worthless. You should become a gold bug. The reason for your dollar being worthless is because it isn’t backed by anything aside from a government that is set on devaluing your dollar by setting an inflation target of two percent. Does anyone remember when you could pick up a candy bar for ~$0.50? Better days, right? Now a candy bar is ~$0.89. Prices are increasing while quality is flatlining. Shouldn't the cost of a candy bar decrease over time as innovation/competition enters the market? @chriscanno The answer is: yes. Innovation and competition should lower prices, but the central bank is set the hold the cost of goods at a certain price with their inflation target. What is happening is that The Federal Reserve is digitally pumping money into the system to keep prices lower. What gives precious metals value is scarcity. If we all have ten ounces of gold because someone can just 3D pri...

The philosophical thought process behind currency has been around for centuries, and has continually evolved. Aristotle gave three functions of money: a means of exchange, measure of value, and a store of value for future transactions. Cryptocurrencies meet Aristotle's three functions of money, but there is still a link missing from this cryptocurrency chain. Averroes added a fourth: a reserve of purchasing power. Not only does money serve as a store of value, but money could be spent at any time without having the need to be sold. This is where cryptocurrencies fall short, and it seems that this could be one of the reasons that we see such sell offs in the cryptoverse. Cryptocurrencies have come a long way since their conception, and have done well (so far) under the 2017 lime light. In order for cryptocurrencies to reach the end goal of a being a true form of money, we will need to see adoption for payments receivable (such as retail) sector. Until then we will continue to ...