Crypto billionaire says Fed is driving current downturn | Hacker News Reader

Crypto billionaire says Fed is driving current downturn

npr.org

17 pointspseudolus13 comments

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- "Bitcoin will save us from the Fed manipulating currencies"

- "It's the Fed's fault the Bitcoin market is crashing"

Pick one.

I pick cake and eating it

- "USD is history"

Which explains why crypto has done everything possible to tie itself to USD by way of "stablecoins".

So in other words, crypto is just like fiat --- it is based on "trust" in the Fed.

Remind me again --- why are we doing crypto? Because once you subtract everything crypto was supposed to be but clearly is not, maybe it's just me but fiat starts looking like the better "money".

I'm yanking my money out pronto --- but wait, redemptions are "suspended"? Never saw that one coming, this looks almost criminal. I'm so screwed. Live and learn.

I would think all central banks would like to kill off bitcoin, etc. in favor of the centralized digital currencies that they are all developing.

I think government run centralized ‘smart’ digital currencies are going to be a privacy and control-the-population nightmare. I hope I am wrong about this.

The easy way to "kill off crypto" is to do absolutely nothing. Just wait and watch it die from self inflicted shortcomings and corruption.

Who cares what crypto people say?

How long til he's a crypto millionaire?

Bitcoin protects against debasement of fiat, not inflation. It's a hedge for the collapse of all fiat currencies.

A gun and a gallon of water will go farther, I believe

I don’t believe we’re talking about the apocalypse.

>It's a hedge for the collapse of all fiat currencies.

I read this as prepping for apocalypse, but maybe we'll just issue new currency backed by something hard. My mistake.

Is there a likely non-apocalyptic scenario where debasement of fiat doesn't involve massive inflation? How does Bitcoin survive debasement is it's vulnerable to one of the primary side effects of debasement?

And if Bitcoin is a hedge against the apocalypse, then I'll mirror the other comment here and say that there are probably better things you could do to prep for that, rather than invest in a coin that requires a functioning Internet in order to transact.

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