Cryptocoins are all a big fraud - fake money to buy fake drugs. This comes at no surprise.
The Federal Reserve doesn't even publish the amount of M3 money anymore: https://www.federalreserve.gov/releases/h6/discm3.htm
If that doesn't give you pause, I don't know what will.
except they do. See below.
https://fred.stlouisfed.org/series/MABMM301USA657S
I am not anti-crypto. I think in the future most transactions would move there. But the state of the current crypto's won't get us there. If you close your eyes for a min and just think about the .com bust that is exactly what is happening here. I know of companies during that time that had nothing to do with IT and they would just announce that they are investing in IT and there stocks would triple. Read below for similar crypto news.
https://www.bloomberg.com/news/articles/2017-12-18/fintech-m...
> Source: Organization for Economic Co-operation and Development
St Louis fed is publishing third party estimates there, official reporting stopped in 2007.
https://mises.org/library/death-m3-fifth-anniversary
And
https://www.garynorth.com/public/6538.cfm
TLDR:
The end of the first link provides a response from Bernanke which says that the public would still have access to the data but the fed won’t aggregate it and report it. What the OECD does is the aggregation and reporting based on the raw fed data.
The second link provides why the M3 was useless to begin with.
The argument you are looking for is: "USD has value BECAUSE the state makes you pay your taxes in it."
Notice that that argument does not end with, "and this is the only way a commodity or currency can have value." Because there are different reasons that different things have value and more than one thing has value.
Your comment is intellectually lazy and you don't have to believe in crypto to come to this conclusion.
You do not pay taxes with bitcoin because the government does not accept it. Simple as that. Not lazy, just fact.
If that's the logic we're going with, I can pay my taxes with baseball cards and beanie babies too.
If you want to pay your taxes using gold coins, go right ahead. They will gladly accept it.
Not really. The USD is as real as the US government. If the US government collapses I'm not going to trust Bitcoin to save me.