Crypto? We've been using it for years, but sensibly...
Look at your cash--it says "Federal Reserve Note". It used to say "silver certificate" or some such thing. At one point it was backed by our gold reserves. Now it's backed byfullfaith and credit
But here's the thing-- "backed by..." are the operative words. We discovered many years ago that commerce was impossible without a means of exchange agreed to by everyone involved.
It really makes no difference what that "means" is, and we've tried seashells, diamonds, the huge rocks of Yap coins, tulip bulbs and stock certificates. And gold, of course, along with lots of other things, even simple journal entries. Values can go up or down, but always within limits.
The one thing they all had in common was that everyone involved agreed on their value. Aside from some economic islands, it's the governnent that guarantees that value. Bitcoins and FTX shares have no such guarantees. You can say that Amazon or Tesla shares have no value in themselves, but at least they have huge companies behind them and vast amounts of regulation watching them.
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Fiat currencies that we all use are backed by the government, for better or worse. Crypto funds are basically imaginary.
Scooping up other people's money is what makes America great. Especially if it's the surplus value of someone else's labor.
USA!
