Convert euro to usd graph: US Dollar Status as Global Reserve Currency Slides

If fiat currency is historically ultimately an inevitable fraud, cryptocurrencies are the potential fraud of frauds. They can’t even claim that the excessive input cost of electricity gives them value; that electricity is gone forever. The other problem is that cryptos are just a derivative of ‘money’, they are not money, except in limited acceptance. It is necessary to convert to, say, dollars then (hopefully) acquire the dollars by paying further transaction costs. I say hopefully because historical experience tells us that actual redemption can take days or weeks or … never. The defense of Bitcoin itself is, scarcity, that it is limited to 21 million circulation. But in fact when it is divided into its maximum granularity, there are 2.1 quadrillion satoshis in 21 million bitcoins, i.e. 100 million to the bitcoin. If a satoshi is worth one cent, then one bitcoin would be worth 1 million dollars, just like John said! As for the anarchist community (meaning i.e. the exchanges?) having control, first I can’t imagine them honoring any redemption if they didn’t feel like it, secondly what would they offer in redemption, and thirdly can anyone even identify the address of any of these exchanges, who aren’t even anarchists? For just one example, as of June 2019, the CURRENT given mailing address for Coinbase, one of the largest, is 548 Market st, SF. 548 Market St is the old World Class Mail store, with brown paper covering the windows, as it has since 2016. Actually, according to World Class, the mail drop was relocated to Beaverton, Oregon as of June 3, 2016. Maybe they still take mail in SF and reship it to Oregon, and offer to reship it or open and scan it and send it to the boxholder electronically. Other than that there’s no address for Coinbase. You can chat with Ada, the automated web bot, or you can phone them, wherever they are. The reviews regarding phone service are not good, mostly about redemptions. Depositing funds seems to be instantaneous after you offer every form of identification you possess along with a photo, withdrawing is often not so easy (!). If some form of exchanges are necessary to implement transaction of cryptos as a reserve currency, what are the odds of finding one you can have confidence in? As a transaction vehicle, just use a credit card, it’s 100 times faster and you even get points. And at least you have an address for them. Pay on time, and it’s ‘free’, except for the costs that the retailer (thus ultimately you) must bear. And the dollar will be around for some time to come, however debased it may become.

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