i mean the unit of account, wr measure xmr's value in usd because its the most liquid fiat out there and the most gateways
but if the unit of account collapses then will people hodl and not dump
its like that morpheus meme
or will they exchange their valuable asset for worthless fiat just because the psychological mark like 10k or 50k gets hit
even if its not that bad like.. the dollar devalues 50% overnight
If devaluation happens at that rate then it won’t be converted to usd (or any other fiat)
i wouldnt be so sure
i mean value is subjective in the end, people value the dollar and dont have a true perception of its value, if they did.. then btc would be a lot higher
and so would goods and services... it has lost its purchasing power by 50% since 2000
Btc went from 1$ to 20k , did usd buying power go 1/20000 in same period (other than that of buying btc) ?
or something like that
no, but in the same period the total money supply did skyrocket
Yes but it has been happening for decades now and hence there is so called inflation
they mask inflation with accounting
and hedonic quality adjustments
but its still supressed by the perception of a lot of people that the dollar has value
I doubt ppl hold usd as their portfolio, they buy assets with it for long term and xmr could be one of them
ask warren buffett
Didn’t he buy stocks (assets) with fiat ? He maybe in fiat at some point of time but he does buy whatever asset he likes when he gets suitable price
ignore the cancer that is cnbc
almost half the crypto market cap
Looks like they are cashing out of stock markets and expect a correction like 2008?
hello, some admin online?
could be, what i mean is, a lot of people will still believe in the dollar even when its being destroyed just because its embedded into their brains
You want a fiat currency to have same buying power for decades ?
no, i expect a lot of us to cash out just because the number is ridiculous and then get squashed by the fiat system collapsing
and a lot of people wont even understand whats going on
it happens really fast once it goes down
Do you expect fiat system to crash in your lifetime or your grandson?
my country's fiat system already collapsed 3 times in my life..
it just got there first 😂
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Ohok, make sense for you to hold crypto in long run
these countries are the test labs for the bigger collapse
Expecting all world fiat system to collapse in a instant is hard to imagine
it wont be slow my friend, i cant say it will be an instant but maybe a week or a month
in 2008 many places were not accepting credit card payments.. i remember that
What kind of a event would lead to such a fiat collapse ?
you dont think youre witnessing it? theres fiat injections in the repo market every day and theyre getting bigger and bigger.. its QE 4, china is printing trillions and injecting them into their market because of the virus..
interest rates are negative in a lot of countries
europe is going to shit.. 17 trillion negative yielding bonds
It hasn’t lowered my fiat buying power for any locally manufactured goods , only exported items from China have increased in price due to scarcity and not due to my fiat
and a lot of those bonds are infesting american pension funds
how bout those wage increases