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Buying crypto actually 'doubles' money by increasing risk: You buy crypto and give out fiat. Now you have apparently 1 crypto worth 1 fiat and someone else now
by blenklo 3mo ago
Buying crypto actually 'doubles' money by increasing risk:
You buy crypto and give out fiat. Now you have apparently 1 crypto worth 1 fiat and someone else now has 1 fiat.
- Dilettante_ 3mo agoI go to the store and buy a pencil. Now I have apparently 1 pencil worth 1 fiat and someone else now has 1 fiat? What a preposterous notion!
- blenklo 3mo agoThe pencil was made with 'work'. You exchange existing work with 1 fiat. If you do not consume this work, you can exchange it back.
- Dilettante_ 3mo agoThe cryptocurency was also made with work. Hardware, electricity, and time were invested into the 1 unit of crypto. It's literally called Proof-Of-Work.