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this post was submitted on 24 Sep 2024
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You know what would make it better? If we had dozens of them!
Couldn't tell if this was a joke about the number of cryptocurrencies that exist... But in case it was, we already do have dozens of "fake currencies." In fact, there are people who make a career through arbitrage between these currencies.
I can understand if you want to call any kind of Fiat currency "fake money" - doesn't mean I think it should be abandoned in favor of some arbitrary metal or whatever, but I can understand it.
That said, any kind of currency works when it's standardized. Obviously it will be regionalized by country or whatever. Making up multiple cryptocurrencies as alternatives to what we have now slides us in the direction of a barter system ("I don't take Bitcoin, you'll have to get that converted to Ethereum. Oh, BTC is down against that? Sucks to suck!")
And let's say the cryptobros get their way and we end up with (whatever crypto you choose) as a standard currency for the country/world/universe. Who would benefit most from that, and why should they? The way I see it, the early adopters would live like kings and if you didn't gamble on the right crypto early, you better hope you can get something for your assets, including the cash of today.