If you got scammed by FTX, you're a retard.

submitted by agent_pecan from self.cryptocurrency

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[–]Alienhunter 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (1 child)

Fiat currency at the very least has governmental authority backing it, say what you will for what that is worth, it's more than what crypto has backing it.

They are of course both similar in the sense that there is no intrinsic value to either. But crypto is literally just bits in the ether and it's value is entirely driven by what other people want to pay for it.

Fiat currency is also mostly bits in the ether but you can get physical cash that can't be wiped out if the ledger is hacked. It's also driven not only due to what people are willing to pay for it, but also the fact the government says you must accept it, so it's considerably more stable than crypto will be.

[–]JasonCarswell 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (0 children)

All currencies are faith-based, and despite the ludicrous actions of governments recently, the full spectrum dominance, monopolies, and poor education of the corporatocracy have most people cornered into and dependant upon using their rigged systems for lack of better alternatives.