The problem with cryptocurrency in a nutshell

https://www.nytimes.com/2022/06/14/technology/crypto-industry-prices-fall.html

https://www.npr.org/2022/06/17/1105343423/cryptocurrencies-winter-crash-bitcoin-celcius

In the 1800s during the free/wildcat banking era, banks issued their own currencies most of which were worthless.  They just didn't have the internet and terminology like "nft".   But finding suckers has never required all of that- it just makes it easier and increases the scope of the scam.

How many different cryptos are there now, a few thousand?  There is not a limitless supply of greater fools to sell them all to in this get rich quick world.

Ponzi's and scams dressed up in new clothes are always coming along, with the same results.

https://en.m.wikipedia.org/wiki/Wildcat_banking

@"JimmyinSD" said: Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

Because you can't buy much with crypto outside of the black market.

@"comet52" said:

@"JimmyinSD" said: Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

What people "investing" in crypto/ponzi really want is to sell their crypto to the next sucker so they can get rich in...wait for it... those hated awful old-fashioned US dollars!

Because you can't buy much with crypto outside of the black market.

Crypto’s total market capitalization has dropped by over $237 billion since the release of May’s hot inflation data, from $1.15 trillion to $913 billion as of Monday morning but since its November peak the figure has lost 70% - over two thirds of its value - according to Coinmarketcap.

I’d chuckle but my 401k ain’t exactly setting the world on fire either  :s

@"comet52" said:

@"JimmyinSD" said: Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

What people "investing" in crypto/ponzi really want is to sell their crypto to the next sucker so they can get rich in...wait for it... those hated awful old-fashioned US dollars!

Because you can't buy much with crypto outside of the black market.

@"medaille" said:

@"comet52" said:

@"JimmyinSD" said: Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

What people "investing" in crypto/ponzi really want is to sell their crypto to the next sucker so they can get rich in...wait for it... those hated awful old-fashioned US dollars!

Because you can't buy much with crypto outside of the black market.

There's a difference between people who
are investing and trying to get rich and people who want to see it succeed as a
currency.  You’re right that it’s not a
great currency right now, but it’s equally valid to say there isn’t a good
currency right now.  Maybe the USD is
better than crypto, but it’s obvious to all that the USD is on borrowed time as
we lose our monopoly on being the currency of oil purchases and it’s value is
so unstable that the only people who can afford homes are previous home owners
and large financial institutions, and people are rapidly changing jobs because
their raises aren’t covering inflation.

We need an answer out of this mess, rather than
sitting on our sinking ship laughing at that other sinking ship.  We’re a short period of time away from buying
all our Chinese goods from Amazon using Yuan.

@"StickyBun" said:

@"medaille" said:

@"comet52" said:

@"JimmyinSD" said: Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

What people "investing" in crypto/ponzi really want is to sell their crypto to the next sucker so they can get rich in...wait for it... those hated awful old-fashioned US dollars!

Because you can't buy much with crypto outside of the black market.

There's a difference between people who
are investing and trying to get rich and people who want to see it succeed as a
currency.  You’re right that it’s not a
great currency right now, but it’s equally valid to say there isn’t a good
currency right now.  Maybe the USD is
better than crypto, but it’s obvious to all that the USD is on borrowed time as
we lose our monopoly on being the currency of oil purchases and it’s value is
so unstable that the only people who can afford homes are previous home owners
and large financial institutions, and people are rapidly changing jobs because
their raises aren’t covering inflation.

We need an answer out of this mess, rather than
sitting on our sinking ship laughing at that other sinking ship.  We’re a short period of time away from buying
all our Chinese goods from Amazon using Yuan.

Yes, crypto is going to save us all. The savior is cryptocurrency. Riiiight.

@"medaille" said:

@"StickyBun" said:

@"medaille" said:

@"comet52" said:

@"JimmyinSD" said: Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

What people "investing" in crypto/ponzi really want is to sell their crypto to the next sucker so they can get rich in...wait for it... those hated awful old-fashioned US dollars!

Because you can't buy much with crypto outside of the black market.

There's a difference between people who
are investing and trying to get rich and people who want to see it succeed as a
currency.  You’re right that it’s not a
great currency right now, but it’s equally valid to say there isn’t a good
currency right now.  Maybe the USD is
better than crypto, but it’s obvious to all that the USD is on borrowed time as
we lose our monopoly on being the currency of oil purchases and it’s value is
so unstable that the only people who can afford homes are previous home owners
and large financial institutions, and people are rapidly changing jobs because
their raises aren’t covering inflation.

We need an answer out of this mess, rather than
sitting on our sinking ship laughing at that other sinking ship.  We’re a short period of time away from buying
all our Chinese goods from Amazon using Yuan.

Yes, crypto is going to save us all. The savior is cryptocurrency. Riiiight.

Is that at all what I said?

@"StickyBun" said:

@"medaille" said:

@"StickyBun" said:

@"medaille" said:

@"comet52" said:

@"JimmyinSD" said: Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

What people "investing" in crypto/ponzi really want is to sell their crypto to the next sucker so they can get rich in...wait for it... those hated awful old-fashioned US dollars!

Because you can't buy much with crypto outside of the black market.

There's a difference between people who
are investing and trying to get rich and people who want to see it succeed as a
currency.  You’re right that it’s not a
great currency right now, but it’s equally valid to say there isn’t a good
currency right now.  Maybe the USD is
better than crypto, but it’s obvious to all that the USD is on borrowed time as
we lose our monopoly on being the currency of oil purchases and it’s value is
so unstable that the only people who can afford homes are previous home owners
and large financial institutions, and people are rapidly changing jobs because
their raises aren’t covering inflation.

We need an answer out of this mess, rather than
sitting on our sinking ship laughing at that other sinking ship.  We’re a short period of time away from buying
all our Chinese goods from Amazon using Yuan.

Yes, crypto is going to save us all. The savior is cryptocurrency. Riiiight.

Is that at all what I said?

What you said is even worse, the USD is on borrowed time. Makes no sense. Crypto came about mostly so unscrupulous people can avoid dealing with regulation and a centralized bank. There are some with altruistic reasons, but its highly corruptible and completely and utterly volatile. Look at the multiple links I shared from Gates, Buffett, etc concerning crypto. It is a scam. 
People aren't changing job to 'cover inflation', they are changing jobs to have more control over their lives, more work life balance. Blame American corporations for the flood of Chinese goods, not the USD. Many of the people that got caught up in the Great Resignation are now being forced to go back to work because they are out of money. The housing market is going to have a slight correction upcoming, but places where people want to live will maintain their value. Housing inventories were at historic lows, that and people wanting leave major metro areas because of Covid gave it a big bump. The war in Ukraine has thrown a completely unexpected wrench in everything. 

Inflation was artificially suppressed for a long time. Along with interest rates. This too shall pass. 

@"medaille" said:

@"StickyBun" said:

@"medaille" said:

@"StickyBun" said:

@"medaille" said:

Is the USD on borrowed time?  I suppose it depends on what you mean.  Will it still exist?  Yes.  Will it exist in the way it does now, where the government can print trillions of dollars to spend on whatever and other governments are forced to use it to buy oil, so they suck it out of circulation?  No.  The US petrodollar era is ending.  Russia and China have publicly declared that they are working together to dissolve the US backed western hegemony and that the future will be multipolar in nature.  And it appears that many other nations support this transition.  If other countries are no longer forced to use USD, we will likely see those dollars returning back to the US and losing value compared to the other world currencies.

Is the USD a good currency and not needing of competition?  I would argue that the USD and all other
fractional reserve banking fiat currencies have a key flaw that should be
concerning for us as users of that currency. 
They centralize money and power into the hands of the bankers while
forcing everyone else into debt.  The
bankers get richer and richer, while society gets more indebted over time.  The bankers then use that money to buy the government
and assets.  You can read “Modern Money
Mechanics” which is a document put out by the Federal Reserve and it describes
this process of money creation.  The
basic process is this:  A
person/corporation/government goes to a bank and asks for a loan.  The bank writes up a contract where you
promise to pay them back the money plus interest.  They then create the money and give it to
you.  Then as you them back the money is
destroyed.  However, once you finish
paying them back all the money they lent you, you still have more to pay them
because you have to also pay them interest. 
The only way for this money to be created is for someone to go into debt.  They go into debt, the money is created, and
now the money exists so you can finish paying off your loan.  The banks loan you money they don’t have,
charge you interest, and if you default, they get your asset which they sell to
someone else.  One of the side effects of
having this debt based money is that, we’re in a perpetual spiral of debt and
inflation.  If no one takes on new debt,
money is being removed from circulation because people are paying off their debts,
and we start to feel the pressure of there not being enough money in society.  People inevitably have to take on more debt
to survive.  They refinance the house, or
the government deficit spends, or whatever, but it injects new money into
circulation.  The percentage of our income
going to servicing debt is constantly increasing, which is combatted by more
and more debt.  You can very clearly see
this over time.  Back in like the 50s-60s,
a family could buy a house with one person working in 15 years.  Then we went off the gold standard.  My parents bought a house with both parents working
in 25-30 years.  My generation had to
wait an additional 5-10 years to be able to afford to buy a house.  GenZ will likely never be able to buy a house
until one of their parents/grandparents die and give them an inheritance or
something similar.  This is not a recent
trend.  This is a long, steady, predictable
trend.  Meanwhile, every year the largest
donators to congress is wall street and we can all see that congress doesn’t do
shit for us.  They only act for their lobbyists.

So is the USD a good currency?  I mean if you want to spend more and more of
your life to pay off your loans, and that your children will have to spend more
of their life than you to pay off their debts, sure.  I don’t agree with that.  Is crypto the answer?  I don’t think we have the answer yet, well we
used to have the answer, but that’s gone now, but I support the efforts to find
an answer.  I think the real question is
can you trust the government to not sell you out to the people that buy them.

@"medaille" said:

@"StickyBun" said:

What you said is even worse, the USD is on borrowed time. Makes no sense. Crypto came about mostly so unscrupulous people can avoid dealing with regulation and a centralized bank. There are some with altruistic reasons, but its highly corruptible and completely and utterly volatile. Look at the multiple links I shared from Gates, Buffett, etc concerning crypto. It is a scam. 
People aren't changing job to 'cover inflation', they are changing jobs to have more control over their lives, more work life balance. Blame American corporations for the flood of Chinese goods, not the USD. Many of the people that got caught up in the Great Resignation are now being forced to go back to work because they are out of money. The housing market is going to have a slight correction upcoming, but places where people want to live will maintain their value. Housing inventories were at historic lows, that and people wanting leave major metro areas because of Covid gave it a big bump. The war in Ukraine has thrown a completely unexpected wrench in everything. 

Inflation was artificially suppressed for a long time. Along with interest rates. This too shall pass. 

Is the USD on borrowed time? 
I suppose it depends on what you mean. 
Will it still exist?  Yes.  Will it exist in the way it does now, where
the government can print trillions of dollars to spend on whatever and other governments
are forced to use it to buy oil, so they suck it out of circulation?  No.  The
US petrodollar era is ending.  Russia and
China have publicly declared that they are working together to dissolve the US
backed western hegemony and that the future will be multipolar in nature.  And it appears that many other nations support
this transition.  If other countries are
no longer forced to use USD, we will likely see those dollars returning back to
the US and losing value compared to the other world currencies.

Is the USD a good currency and not needing of competition?  I would argue that the USD and all other
fractional reserve banking fiat currencies have a key flaw that should be
concerning for us as users of that currency. 
They centralize money and power into the hands of the bankers while
forcing everyone else into debt.  The
bankers get richer and richer, while society gets more indebted over time.  The bankers then use that money to buy the government
and assets.  You can read “Modern Money
Mechanics” which is a document put out by the Federal Reserve and it describes
this process of money creation.  The
basic process is this:  A
person/corporation/government goes to a bank and asks for a loan.  The bank writes up a contract where you
promise to pay them back the money plus interest.  They then create the money and give it to
you.  Then as you them back the money is
destroyed.  However, once you finish
paying them back all the money they lent you, you still have more to pay them
because you have to also pay them interest. 
The only way for this money to be created is for someone to go into debt.  They go into debt, the money is created, and
now the money exists so you can finish paying off your loan.  The banks loan you money they don’t have,
charge you interest, and if you default, they get your asset which they sell to
someone else.  One of the side effects of
having this debt based money is that, we’re in a perpetual spiral of debt and
inflation.  If no one takes on new debt,
money is being removed from circulation because people are paying off their debts,
and we start to feel the pressure of there not being enough money in society.  People inevitably have to take on more debt
to survive.  They refinance the house, or
the government deficit spends, or whatever, but it injects new money into
circulation.  The percentage of our income
going to servicing debt is constantly increasing, which is combatted by more
and more debt.  You can very clearly see
this over time.  Back in like the 50s-60s,
a family could buy a house with one person working in 15 years.  Then we went off the gold standard.  My parents bought a house with both parents working
in 25-30 years.  My generation had to
wait an additional 5-10 years to be able to afford to buy a house.  GenZ will likely never be able to buy a house
until one of their parents/grandparents die and give them an inheritance or
something similar.  This is not a recent
trend.  This is a long, steady, predictable
trend.  Meanwhile, every year the largest
donators to congress is wall street and we can all see that congress doesn’t do
shit for us.  They only act for their lobbyists.

So is the USD a good currency?  I mean if you want to spend more and more of
your life to pay off your loans, and that your children will have to spend more
of their life than you to pay off their debts, sure.  I don’t agree with that.  Is crypto the answer?  I don’t think we have the answer yet, well we
used to have the answer, but that’s gone now, but I support the efforts to find
an answer.  I think the real question is
can you trust the government to not sell you out to the people that buy them.

OUCH!!!!

https://www.outkick.com/trevor-lawrence-signing-bonus-bitcoin-fail/

@"JimmyinSD" said: OUCH!!!!

https://www.outkick.com/trevor-lawrence-signing-bonus-bitcoin-fail/

@"StickyBun" said:

I don't disagree with most of your premise
outside of your take on the USD, but this is more about the shrinking middle
class than anything.

The middle class is shrinking in part because
increases in the monetary supply hide what is happening to the economy.  Obviously, a lot has to do with poor economic
policy and offshoring jobs, but there’s a solid chunk of devaluing labor that
happens because people can’t see that they are taking an invisible pay cut
every year when they get a 2% wage increase, while the products they buy are being
replaced with crappier, cheaper versions, which cost the same, while the amount
of money in the economy is growing at like an 8% rate or whatever it is.

It isn't about currency, the USD, etc. How is
changing the currency going to impact everyday Americans?? Its not. The haves
and the have nots are at a larger disparity. Borrowing money the last few years
has been exceedingly cheap, almost free money. If you want to talk about
predatory student loans, that's different. Lobbyists have been around forever.
Wall street is and always has been smoke and mirrors. There's nothing new or
different in those respects. Back in the 50s was 70 years ago.....things are
supposed to remain the same? Of course not. 

Borrowing money recently is cheap because it has to be.  They have to ensure enough new money is entering
the system to prevent a recession or depression and the tool they use to do
that is lowering interest rates.  The
other option would be government spending. 
Both encourage new debt/money.  If
you had a currency with a stable value, you would see prices go down as
technology improved the manufacturing process or as competition increased or
whatever.  As it is now, the labor classes
economy stays the same, while the ownership classes economy gets all the
rewards of inflation/technology.  If you
eliminated fractional reserve banking as the source of monetary creation, (meaning
banks could only lend money they actually had) you would start to notice two
things.  Lending would be dramatically
reduced, interest rates would go up, and prices of things purchased through
loans would go down.  Someone would have
to be willing to sacrifice their current use of their money in order for you to
use it.

What you are articulating has nothing to do with
the dollar and its current situation. Inflation was fine until just recently,
but again it was kept artificially down. Same with mortgage rates. Equities are
far and away the best investment vehicle in the history of civilized mankind
over the longer term. I hate the ridiculous volatility of Wall Street on a
daily basis but I'm not a day trader. Dips in the market are just opportunities
to buy. LONG TERM. 401ks are a great investment vehicle for most people that
have the opportunity. And for others, SEP IRAs are gold.

Inflation was not fine until just recently, it
was just less obvious and more tolerable. 
We’ve been on a long steady slope of getting paid less for the work we
do, while having to take on more and more debt to maintain the quality of life
we expect.  We’re just at a breaking
point right now, where we can’t ignore it anymore.  Equities for most people are not much
different than crypto.  You buy something
and hope the market goes up for the thing you bought.  That’s it. 
The only real advantage that equities have is that a bunch of
billionaires can compete for having a controlling interest in the company,
which drives share prices up.  For those
of us who one billionth of boeing, you’re just hoping wall street invests in
what you have.  Some of the value in
equities is real value, most of it is illusion caused by more money in circulation.

I know that not everyone can afford to invest,
but at the same time I see people complaining about money and they have an
Iphone, smoke cigarettes (expensive), get their hair and nails done every two
weeks, holding a $6.00 Starbucks in their hand EVERY morning, etc.  Nobody
wants to save, budget or live within their means. I see Joe Lunchpail on the
local news bitching about gas prices (before the recent gigantic hike in
prices) when gas went up .20 cents a gallon. 'Can't make the trip to Grandma's
house for her birthday this year' he says. Really?? His tank holds 17
gallons....that's an additional $3.40 cents to fill up his tank. Now I'm not
talking today with the high inflation and crazy gas prices, that's a legit
issue for those on fixed incomes. I'm talking just before this.

People take on unnecessary debt all the time, why
do you think we have SO many credit card companies? Its not because everyone is
paying their full monthly bill on time. Some debt is a very good thing. It
makes the world go around. People will finance furniture they don't need over 6
years....6 YEARS. You can't help those that won't help themselves.

Yeah a lot of people aren’t smart with their money.  Totally agree.

@"medaille" said:

@"StickyBun" said:

I don't disagree with most of your premise
outside of your take on the USD, but this is more about the shrinking middle
class than anything.

The middle class is shrinking in part because
increases in the monetary supply hide what is happening to the economy.  Obviously, a lot has to do with poor economic
policy and offshoring jobs, but there’s a solid chunk of devaluing labor that
happens because people can’t see that they are taking an invisible pay cut
every year when they get a 2% wage increase, while the products they buy are being
replaced with crappier, cheaper versions, which cost the same, while the amount
of money in the economy is growing at like an 8% rate or whatever it is.

It isn't about currency, the USD, etc. How is
changing the currency going to impact everyday Americans?? Its not. The haves
and the have nots are at a larger disparity. Borrowing money the last few years
has been exceedingly cheap, almost free money. If you want to talk about
predatory student loans, that's different. Lobbyists have been around forever.
Wall street is and always has been smoke and mirrors. There's nothing new or
different in those respects. Back in the 50s was 70 years ago.....things are
supposed to remain the same? Of course not. 

Borrowing money recently is cheap because it has to be.  They have to ensure enough new money is entering
the system to prevent a recession or depression and the tool they use to do
that is lowering interest rates.  The
other option would be government spending. 
Both encourage new debt/money.  If
you had a currency with a stable value, you would see prices go down as
technology improved the manufacturing process or as competition increased or
whatever.  As it is now, the labor classes
economy stays the same, while the ownership classes economy gets all the
rewards of inflation/technology.  If you
eliminated fractional reserve banking as the source of monetary creation, (meaning
banks could only lend money they actually had) you would start to notice two
things.  Lending would be dramatically
reduced, interest rates would go up, and prices of things purchased through
loans would go down.  Someone would have
to be willing to sacrifice their current use of their money in order for you to
use it.

What you are articulating has nothing to do with
the dollar and its current situation. Inflation was fine until just recently,
but again it was kept artificially down. Same with mortgage rates. Equities are
far and away the best investment vehicle in the history of civilized mankind
over the longer term. I hate the ridiculous volatility of Wall Street on a
daily basis but I'm not a day trader. Dips in the market are just opportunities
to buy. LONG TERM. 401ks are a great investment vehicle for most people that
have the opportunity. And for others, SEP IRAs are gold.

Inflation was not fine until just recently, it
was just less obvious and more tolerable. 
We’ve been on a long steady slope of getting paid less for the work we
do, while having to take on more and more debt to maintain the quality of life
we expect.  We’re just at a breaking
point right now, where we can’t ignore it anymore.  Equities for most people are not much
different than crypto.  You buy something
and hope the market goes up for the thing you bought.  That’s it. 
The only real advantage that equities have is that a bunch of
billionaires can compete for having a controlling interest in the company,
which drives share prices up.  For those
of us who one billionth of boeing, you’re just hoping wall street invests in
what you have.  Some of the value in
equities is real value, most of it is illusion caused by more money in circulation.

I know that not everyone can afford to invest,
but at the same time I see people complaining about money and they have an
Iphone, smoke cigarettes (expensive), get their hair and nails done every two
weeks, holding a $6.00 Starbucks in their hand EVERY morning, etc.  Nobody
wants to save, budget or live within their means. I see Joe Lunchpail on the
local news bitching about gas prices (before the recent gigantic hike in
prices) when gas went up .20 cents a gallon. 'Can't make the trip to Grandma's
house for her birthday this year' he says. Really?? His tank holds 17
gallons....that's an additional $3.40 cents to fill up his tank. Now I'm not
talking today with the high inflation and crazy gas prices, that's a legit
issue for those on fixed incomes. I'm talking just before this.

People take on unnecessary debt all the time, why
do you think we have SO many credit card companies? Its not because everyone is
paying their full monthly bill on time. Some debt is a very good thing. It
makes the world go around. People will finance furniture they don't need over 6
years....6 YEARS. You can't help those that won't help themselves.

Yeah a lot of people aren’t smart with their money.  Totally agree.

See above.  Mines in bold

@"JimmyinSD" said:

@"medaille" said:...

question for the crypto guys... who holds the cash in reserve for any given crypto?  I see the lack of reserve brought up often as a knock on the dollar,  but is there a vault somewhere that ensures that if I were to invest 100K in a given crypto,   and its value is still 100K in a year,  that I can call up and walk away with my 100K.  Or is it not really a currency but more like a stock,  where I can buy it at a certain level and will get what I get when I decide to sell if/when somebody is willing to buy?  is there any backing at all to crypto as there is when putting money into a Federally backed institution?

@"medaille" said:

@"JimmyinSD" said:

@"medaille" said:...

question for the crypto guys... who holds the cash in reserve for any given crypto?  I see the lack of reserve brought up often as a knock on the dollar,  but is there a vault somewhere that ensures that if I were to invest 100K in a given crypto,   and its value is still 100K in a year,  that I can call up and walk away with my 100K.  Or is it not really a currency but more like a stock,  where I can buy it at a certain level and will get what I get when I decide to sell if/when somebody is willing to buy?  is there any backing at all to crypto as there is when putting money into a Federally backed institution?

I’m not a crypto guy, but there is no one “crypto”.  There’s way too many projects, and they’re all different in how they work, but I think most of these currencies are like stocks in that they aren’t really backed by anything more than the faith of other investors and your USD goes into the pocket of whoever sold you the crypto.  It’s not like a chunk of silver which has intrinsic value if it’s melted down.  And it’s not like government backed fiat currencies in that there’s no FDIC insurance plan for if some institution steals your money, and there’s less regulations for those systems so far.  I think the IRS is pretty much treating them as stocks.  Some crypto companies try to back their crypto by buying and holding other assets, but I don’t think that’s been super successful with these rapid market changes.  I think in the future there will be more room for asset-backed cryptos.  Like maybe I become an owner-member of a grocery store coop, and buy and own a percentage of their inventory in USD, which would be the backing of the currency I use for other transactions and if the money became worthless, the holder of the grocery-backed currency would have access to those groceries.