this post was submitted on 20 May 2024
1597 points (97.2% liked)
Technology
59378 readers
4188 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Nobody has to have control of the production of money, it is especially bad when corrupt people have the power to generate it into their pockets. I know it is hard to understand how generating money for one's self is theft from everyone with money, but it is the case, you just have to try a bit harder to wrap your head around it.
Money needs to be backed by someone for it to hold value.
If there is no control of the production of money, then everyone can produce money, making it completely useless.
Yes, if everyone can produce as much of it as they want, then it would lose value. However, someone doesn't need to back something for it to have value. The most common currency in all of history was seashells. Nobody backed the seashells. Gold has had value for a long time and still does. Nobody backs gold. The reason these things had/have value is for a number of reasons, but possibly the most important reason is what you said, that nobody can just produce as much of if as they want. This is also a fundamental reason why Bitcoin has been steadily increasing in value, nobody can produce as much of it as they want. This is a major flaw that is inherent in fiat currencies(usd, euro, lira..), they can be produced as much as somebody(governments, counterfeiters) wants.
This is very simplistic, there are other reasons that various things are good ways to hold value. Divisibility and transportability are two big ones, both which Bitcoin excels at.