Has Fiat currency outlived its age?
A digital technology age requires a digital mode of transaction.
It’s tendency to depreciate rapidly makes it a poor medium of exchange.
It ruins nations and forces people into overnight bankrupt with loads of cash in their bank accounts 1/
A digital technology age requires a digital mode of transaction.
It’s tendency to depreciate rapidly makes it a poor medium of exchange.
It ruins nations and forces people into overnight bankrupt with loads of cash in their bank accounts 1/
2/ As an illustration, consider the Naira and the unbelievable erosion of value that has happened to it. N20 in my day was more powerful (more purchasing power) than possibly your N25k of today - all in one generation.
3/ All consensus realities are by their nature, fiction.
And Fiat is the greatest fiction ever invented. Why is N1,000 note worth N1,000? Because we say it is. That’s it.
And Fiat is the greatest fiction ever invented. Why is N1,000 note worth N1,000? Because we say it is. That’s it.
4/ Throughout history society has put in place a medium of exchange it finds most convenient for each era. Fiat, a product of the nation state is subject to the whims and caprices of each state authority. It has remained the greatest threat to wealth/stability of modem society
5/ Above all, it is the biggest anchor of global inequality. It’s value depends on the perceived power of the authority that created it.
Poor nations will always have weak currencies.
Poor nations will always have weak currencies.
6/ When Adam first went out for No 2, tissue was not invented. Human society evolves. We live in the digital age and Crypto serves that age.
It’s dominance is well assured.
. @cenbank SHOULD SEEK TO REGULATE CRYPTO EXCHANGES, NOT BAN THEM.
This is not the time to play Ostrich
It’s dominance is well assured.
. @cenbank SHOULD SEEK TO REGULATE CRYPTO EXCHANGES, NOT BAN THEM.
This is not the time to play Ostrich
*bankruptcies
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