But why are you conflating USD with crypto anyway? USD is a currency that is actually used for purchasing goods and services. Crypto isn't used for anything except speculation. If capital gains is the goal, then yes, the USD won't be of much value to you as it's not particularly volatile.
> Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything
Bigger scam than Tether. Has been running for almost a century now.
> Crypto isn't used for anything except speculation.
Looks like Amazon's going to accept cryptocurrency as payment:
https://www.businessinsider.com/amazon-cryptocurrency-seeks-...
Hopefully we'll be able to put this "cryptocurrency is just speculation" argument to rest soon.
Another truth is governments force their citizens to use their own currencies. They require citizens to pay taxes in those currencies. They probably even require stores to accept those currencies.
Yes. Speculation and their ~~criminal conspirators~~ exchanges.
> Another truth is governments force their citizens to use their own currencies.
Absolutely. Not a single person in this thread has argued otherwise. What's your point? How does that somehow make something else more stable? If the government is the big bad wolf, what's stopping it from using that same force to blow USDT's house down? What army and treasury is going to rescue USDT when it crashes? (And it will crash, eventually, just like every other market in history has, whether its due to Tether's negligence or external pressures)
Not that different from traditional banks and other elements of the financial sector.
> What's your point?
My point is there is no fundamental difference between cryptocurrencies and legal tender.
> What army and treasury is going to rescue USDT when it crashes?
When the traditional finance people screw up, the US government bails them out with taxpayer money. It should totally do the same for Tether.
[1] https://gizmodo.com/amazon-to-accept-bitcoin-by-end-of-2021-...
[2] https://www.barrons.com/articles/bitcoin-goes-mainstream-as-...
[3] https://www.cnbc.com/2021/07/07/visa-says-crypto-linked-card...
That's what gives the rewards program credibility. Real currency still changes hands in the background, but the customer only spends 'points'. Currencies, although unbacked by gold, are still credible because they are legal tender and widely accepted in ways that rewards points are not.
Amazon and other private businesses can refuse to accept BTC whenever they want. Earlier this year, Tesla 'accepted BTC for payments', and then changed their mind a month later.
Some countries have accepted BTC as legal tender. It's only a matter of time really.
Why?
Considering the shaky fundamentals, I'd rather not trust greedy strangers to stop burning the world down trying to get rich quick.
I've helped friends move in exchange for beer and pizza but nobody would call that a transaction "backed by the US Economy".
This is how a fiat currency is supposed to work. Earn it, then buy some gold, silver, real estate, crypto, or whatever. And inflation is not necessary a bad thing.