DN-BBY OP t1_jecu8sa wrote on March 31, 2023 at 2:02 AM

Answer: Because "defi" doesn't matter in the context of currency / store of value.

No government will ever give up control of monetary policy, so selling an asset class like it's out side of government control and will grant you independence as a good thing is just plain nonsense. It's basically the same rationale as gold bugs saying that when the world ends, you just need to buy gold and guns. While gold does have inherent value, when the world ends, gold is useless.

Same with defi. The government will always want control, so there will never be a dominant currency with anonymity or under no one's control. It will always be a side show. And those that advocate it probably are criminals at heart and just want to money launder.

Now defi as a concept is great! Just not a good sales point for crypto currencies. Just like hoarding gold when nukes go off is not a good selling point for gold.

NRA-4-EVER t1_jecz7mf wrote on March 31, 2023 at 2:42 AM

Bullets will be the perfect currency in a post apocalyptic world. So they should be saying buy a few guns and millions of rounds. Nothing exotic, basics, .22, 9mm, .223 etc.

Also, cash is anonymous as long as you keep it out if the banking system. So there's already an anonymous dominant currency. They're trying to take it away from us and if they do it will be a line they will regret crossing.

DN-BBY OP t1_jed15bc wrote on March 31, 2023 at 2:58 AM

Come on dude, you really gonna store cash under a mattress.. .LMAO. It'll be hard to make big purchases and you won't collect interest.

This is what I mean by misinformation. There's too much out there.

NRA-4-EVER t1_jed43m1 wrote on March 31, 2023 at 3:24 AM

How is it misinformation? You can still use banks, but once you remove cash, it is now off the "grid" if you will. The only thing that tracks the money is the system. You scream "misinformation" because you won't admit that you were wrong.

I try to never buy things that can be tracked. If I'm buying something online I'll even buy gift cards to do it, like PSN cards. Obviously if you register a car or buy a house, it's going on the record in other ways, but that's not cash's fault. I remember when I bought my last Jeep I bought in an envelope of cash, but they convinced me to save money through some shady banking and when they ran my SSN, they couldn't find any record of me. They said they only see that with people who have been in jail for 10 years. It was pretty funny.

PhillyChapter9 t1_jed3gfn wrote on March 31, 2023 at 3:18 AM

If your storing cash and lead for the shtf scenario, then you would be much better off swapping the cash for another metal - silver. In the scenario where bullets have value, cash would be worthless or inflated to near worthless while silver oz’s would have barter value just like your rounds. Between the collapse and shtf cash will have a use, but you will be better off in the long stockpiling more silver than cash.

NRA-4-EVER t1_jed4p84 wrote on March 31, 2023 at 3:29 AM

I'm not saying the cash is for that scenario. I was refuting the OP and their claim that no dominant currency is anonymous.

Like I said the end of the world currency is definitely bullets. Post WWI Germany, during the hyper inflation, many used bullets as currency. Just make sure you store the most common rounds.

SateliteDicPic t1_jed5x4m wrote on March 31, 2023 at 3:40 AM

You are correct that it is anonymous but only in small sums. You can’t make any large purchases like a house using cash and any transaction above $10k goes on record etc. So I would say cash imparts partial anonymity or it’s utility as an anonymous currency is limited.

NRA-4-EVER t1_jedaybe wrote on March 31, 2023 at 4:28 AM

Per to per transactions of any size are anonymous. There is no way to know where cash goes. The government has to wait for people to report income or register a car etc. This is why the FED wants to switch to a digital currency, so they can remove the anonymity.