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Comment by fouldiplomacy | Hacker News Reader

"unstable, volatile, frantically manipulated currency" -- this is often the case with any news, not just "pump and dump" schemes. Take the Chinese CNY. The CCP have been undervaluing it for years for the purpose of attracting business.

the USD is very much subject to social media and traditional news manipulation. When the US decides it wants a stimulus package or other types of debt, it drives down the dollar's value. Granted the US is good about making payments to creditors, i.e bonds, it is not immune to fluctuation.

It is sad but the way of the dollar is slipping and the global demand currency. It is slowly being replaced by the CNY and other market demands.

Lastly, the Treasury does not control the dollar. It the Foreign exchange markets. (https://www.fool.com/knowledge-center/who-determines-the-val...)

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USD price does fluctuate and inflate over time yes, but the difference is that this is essentially an invisible effect on day to day life for anyone that is not doing forex trading.

The reason the US dollar is "stable" is partially due to the fact that it is backed by the US government. It is a requirement that businesses operating in the US accept payment in US dollars. Until somewhere mandates that bitcoin _must_ be accepted, it will never truly be a currency, the same way that gold is not a currency, and the same way that wheat, or potash, or shares in GME is not a currency.

There's also a concept of "sticky" prices that most economists are quite familiar with - this assists in keeping the price of a coffee stable, whether or not technophiles accept it or not. Even if the price of the US dollar fell by 50% today, your coffee would still cost you around $2 or $3 tomorrow (assuming the coffee shop was even open).

> It is a requirement that businesses operating in the US accept payment in US dollars.

People and businesses in the US have to pay the US government in US dollars, but there's no law requiring that a business accept any particular currency.[1][2]

That said, if you do try to make your own currency, the feds will find some way to shut you down.[3]

1. https://www.federalreserve.gov/faqs/currency_12772.htm

2. https://www.treasury.gov/resource-center/faqs/Currency/Pages...

3. https://www.forbes.com/sites/nathanlewis/2017/04/18/what-is-...

By Austrian economics- you can have stable prices OR stable money. We are being scammed for the last 100 hundred years, and the price volatility one sees in Bitcoin et al. is precisely the reflection of actual supply and demand constantly battling it out on the marketplace.

The fact that dollar or euro seem stable is only possible with the violent tempering of national banks and the like of IMF. They only seem stable.

Money as a measure of value for other goods is something that is crashing constantly and will continue to do so until we let go of of the crazy attempt to do so.

*no intended for you personally, just a good place to plug my two cents (pun intended)

I'd advise anyone to read some Mises or the Dao of Capital by Spitznagel, the book is whip smart and applicable to basically any endeavour.

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