Paper Money - The Greatest Scam

[Semosuchi Tesongrato]

The whole economy is a "scam" and is destined to die.
Moreover, this also applies to any other human activity.
Things are born, grow, die. We too.
The important thing is to know how to take advantage when it's time.

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[mindmastering]

We still use fiat and paper money because the government gives value to that paper. What exactly makes the paper worth?
whereas many other goods have value and are worthed to be used and have a stable value such as gold?

Our own use gives them value. It's the idea behind it. Not just the 'mighty evil - government'.

And to all honesty, I think, if you and me, would sit at the beginning of the new world, I am sure we would look into a way to exchange value.
And even with the best intentions in our mind and heart, we would develop a form of currency.

The problem is not the idea, but how does it enable humans to do harm and good.

Even crypto nowadays has many of its own problems. Even for some criminals it is easier to use crypto.

So, like money, a currency will always have a double edge as long as human beings will have double edge (call it good and bad).

[domarakooth]

Scam is too much of an accuse against paper money even if we know that their future can be limited. Don't forget however that still in our day fiat is the major trading globally as to many economies are floating around paper money. The other part is that Bitcoin is coming hard and is trying hardly to get a reputation of a global use currency with mass adoption.

We still use fiat and paper money because the government gives value to that paper. What exactly makes the paper worth?
whereas many other goods have value and are worthed to be used and have a stable value such as gold?

Paper money is what it is today because it is being recognized as a legal tender, but I really don’t see worth of it, how the value even came by is a misery, some people just woke up and decide to say this is the worth of the paper, meanwhile bitcoin started form zero and as people adoption it, the value keeps appreciating.

Although paper money is not worth it, but it is still a necessary evil, and despite all satoshis effort to put a stop to it, it still found its way crawled into the industry because many people still tie a particular cryptocurrency to dollar equivalent. So, I would say that paper money is indeed a necessary evil and I am still trying to think of how we can be free of this paper money bondage, if the string old behind money can be cut off, then it should pave way for cryptocurrency.

[Argoo]

The whole economy is a "scam" and is destined to die.
Moreover, this also applies to any other human activity.
Things are born, grow, die. We too.
The important thing is to know how to take advantage when it's time.

If you continue to reason the same way, then our life is also a scam.
But seriously, almost everything can be used for various illegal or simply negative purposes. Paper money is a very good and useful invention of mankind. However, if paper money does not behave as it should, then they will resemble a scam. Under normal use, paper money will bring convenience and benefit to people and will contribute to the development of the state economy.

[yulchatar]

Be that as it may, physical money, including paper money, is currently in use and will continue to be used for a long time. This is a traditional, well-established form of money, which is little susceptible to problems of various kinds. For example, the lack of electricity or the Internet. Which, unfortunately, can't be said about cryptocurrency yet.

[dengpei]

I would say that paper currency is the greatest scam ever to enslave mankind.

Bankers charge interest for a thing which has been created out of thin air.

The paper currency gradually decreases in its value due to inflation over time.

So naturally people tend to move towards cryptos which are free from inflation and the bankers and big economists once again want to pull back people to the traditional enslaving system.

Now the choice is yours.

Enslavery or Financial Freedom?

Think Wise and Twice.

And Bitcoin was created from the image of gold???

This kind of reasoning is self-defeating because if you come to think of it BTC is essentially a bunch of zeroes and ones! The real argument should be over the issue of backing. BTC naysayers have always argued that BTC is not backed by real assets and this is true but very few people also do point out the fact that the USD, the world's most sought after currency is also backed by hot air! Nothing.

[Wilhelm]

I've read theories like this before. it is true that the government can print as much money as and can cause paper money to become worthless.
but I believe there is a good reason in that matter, the government must have calculated the economic impact if it prints a large amount of money, otherwise the country will be affected by the economic crisis.

That's why they print during holidays 
And printing money devaluates making debt less expensive.

[Greed Dev]

I totally agree with your point.
-But I think paper money still works in society and every economy because in life we still have to pay for things with paper money.
- As for cryptocurrencies (bitcoin) it is not as inflationary as paper money because it is not through banks or governments, it is not taxed
Given bitcoin's deflationary mechanism, I believe that everyone in the world will use cash to invest in bitcoin when a recession or crisis occurs. So this is a good time to buy bitcoin and hold it for a long time instead of saving it.

[iv4n]

I've read theories like this before. it is true that the government can print as much money as and can cause paper money to become worthless.
but I believe there is a good reason in that matter, the government must have calculated the economic impact if it prints a large amount of money, otherwise the country will be affected by the economic crisis.

That's why they print during holidays 
And printing money devaluates making debt less expensive.

Hahaha this is a good one, they print money during the holidays, so nobody can see them doing that. Debt is less expensive, your paycheck is lower, goods cost much more. In time of inflation in my country prices were going double every 16 hours. Because of the worthless money we had vouchers for food, gas... just for the record, on the pick of inflation 2l of milk was 500 Billion dinars.

[ifinta]

https://www.reddit.com/r/Bitcoin/comments/9u2men/a_criticism_of_bitcoin_as_a_kind_of_money_and_a/

[thisappointed]

The whole economy is a "scam" and is destined to die.

Maybe? but if you are going to think about it, we are all scams, we are taking advantage of everything that gives merits to us, that will helps us to survive this cruel society where everyone has their own perspective about life and doesn't have any unity at all. Fiat is the center of the Government which helps them run a country or the whole world. It is not actually a scam, it's just it is the first thing we invented or discovered to have this cycle in the society.

Without fiat, everything will be vanished, everything will start to fall out since it doesn't have any value anymore, and I know you just wanted to have this cashless society which I believe that would be more better than what we have right now. No more robbing, because you have private keys that's been hidden somewhere safe, and everything. Cryptocurrency is the future, but we don't know how much time we still need to see that happens.

[HarmonyA]

Your opinion is not all correct. Paper currency is not a scam, rather the regulations and charges attached to holding it make it difficult to comprehend why such manipulations. I quite understand that we need taxes to grow economic infrastructure, but taking advantage of the gullibility of the masses under financial regulation makes it look like a conspiracy. The emergence of crypto has opened up some hidden policies that are weighty on the masses' freedom to use their own money, And I am glad to be in this era of the emergence of crypto.

[Afnan_faizah]

I would say that paper currency is the greatest scam ever to enslave mankind.

Bankers charge interest for a thing which has been created out of thin air.

The paper currency gradually decreases in its value due to inflation over time.

So naturally people tend to move towards cryptos which are free from inflation and the bankers and big economists once again want to pull back people to the traditional enslaving system.

Now the choice is yours.

Enslavery or Financial Freedom?

Think Wise and Twice.

Paper money is bad, since the end of bretton woods system in 1976, there are some countries that benefit from this situation. Powerful countries that it's currencies are easily traded internationally,obtain the wealth of other countries just by printing paper money.  The world must use the same currency. But I think its not a scam, it's just have been manipulated by strong countries.

[rdbase]

Before paper currency or fiat there was no global currency every country can use as legal tender.
Now there is with cryptocurrency so the fall of using paper currency might be sooner then we all think.

[meliodas]

Paper money or the fiat currency is a tool that you can use to make your life easier or make your life your worst nightmare. Paper money is a scam in terms of losing its value and other disadvantages but on the other hand, if you know how to spend it wisely and how to manage it properly then you will be able to prosper using paper money.

[blckhawk]

I don't agree at some points. Even fiat is established only by the government, even it suffers from inflation, it all has its purposes. Inflation is not bad at all times, it makes people spend their money. Deflationary is bad in the end since people would just hoard, economy would stop, which is worse than what we have today. Government built centralized systems for people to follow, with tax powering the system, law enforcers are possible. It's not the centralized system that's corrupt, rather the people in position are those who are responsible why the system fails.

Imagine decentralized system in a country, no one would follow anyone, no government is just pure chaos. Don't expect all people would live in harmony and will think rationally because all of us have greed and corrupt ideologies on our own.

[Edraket31]

Paper money or the fiat currency is a tool that you can use to make your life easier or make your life your worst nightmare. Paper money is a scam in terms of losing its value and other disadvantages but on the other hand, if you know how to spend it wisely and how to manage it properly then you will be able to prosper using paper money.

Correct, I think paper money is not a tool to scam, it is just a paper, the decision to get scam is up to us, if we invested it with something we are not aware of, then the tendency is  that we will be a victim of scam and not because of paper money, all the decisions we have in our life depends on us, so we need to be very careful with our actions.

[nasipadang]

I would say that paper currency is the greatest scam ever to enslave mankind.

Bankers charge interest for a thing which has been created out of thin air.

The paper currency gradually decreases in its value due to inflation over time.

So naturally people tend to move towards cryptos which are free from inflation and the bankers and big economists once again want to pull back people to the traditional enslaving system.

Now the choice is yours.

Enslavery or Financial Freedom?

Think Wise and Twice.

That's the way bankers work, if you don't want to be burdened with big interest then don't use it. Inflation here also depends on economic development, we cannot blame paper money but the system. Anyways on every side of things there will be a gap for fraud including digital currency. What about crypto fluctuations? maybe if the price change is up many people are happy, but if the price changes down, many people say they are scamed by crypto.

[Janation]

Paper money or the fiat currency is a tool that you can use to make your life easier or make your life your worst nightmare. Paper money is a scam in terms of losing its value and other disadvantages but on the other hand, if you know how to spend it wisely and how to manage it properly then you will be able to prosper using paper money.

What?

How will this thing make your life easier?

We earn this money. Jobs, knowledge, and education will make our lives easier, not this paper money. The value of fiat is a scam to start with but we can't really stop that right now since it is been a part of everyone's life until now. If you do not know how to earn it in the first place, you will never spend it and manage it properly.

[bryant.coleman]

Have to agree with the OP here. Fiat currency is a tool being used by the bankers and the politicians whom they sponsor, to get themselves rich. Remember the 2008-09 recession? The government poured in trillions of USD to save the banks. From where the government got this much money? They just printed out from thin air and added that amount to the federal debt. In the end, the bankers were saved, but the common people had more and more of the federal debt pushed through their throats.

The only real solution for this is to bring back the gold standard. As of now, I couldn't think of any other remedy. The governments won't be able to print out as many banknotes as they want, if the gold standard is implemented again. Else, we could go for a decentralized currency that is outside the control of the central banks. I am talking about Bitcoin here.