Interesting view. A stable coin must be the aim I agree but what is your reference? Fiat currency connot be a reference as it is far from stable. If you look at crypto from a fait poit of view it has hyperinflated. One cannot see this when considering different fait currencies across the world because they all hyperinflate at the same rate. There are only 3 countries left not operating under the central banking system (if I am not mistaking and I have missed a resent war and this number came down).
I wanted to buy new action cricket shoes yesterday because I started playing after about 2 years. I could not find a pair that was reasonably priced (or at least in my mind). The prices were 2 to 3 times higher!! Now if I was use to wasting money I would probably not even have noticed but this is insane!
Government continue telling us inflation is low (1 to 6%) but I don't see it in my life. Maybe this inflation describe Political economic conditions or something it that line but it aint got s@*t to do with my life. I wrote a post about inflation on bread (in South Africa) from 2010 to 2016 being 14% yearly. Link - https://steemit.com/devaluing/@dpl/if-you-save-in-fiat-currency-and-that-includes-stocks-and-pension-funds-i-am-afraid-the-news-is-not-good
People are bleeding and it's the people that can least afford it, the pensioners. How do you start working again at 70 or 80 when you realize that you don't have enough money to even pay your damn rent.
We don't fully comprehend the magnitude of the problem because we are still active in the system (even though we are not excluded from the affect). When it is our turn it will be much worse because government is printing money on an unimaginable rate through the process of counterfeiting or the the legalized term quantitative easing (USA alone prints $89 billion dollars every month). What do you think this is doing to you pension fund that will only pay out in 20 to 30 years.
Lets be conservative and take the inflation rate as 14% as previously stated. Are you growing your fiat at this rate in your pension fund or on the stock market or even worse in a saving account? Maybe if you are a cleaver trader but most people are normal hardworking people that straggle to understand the concept of internet banking let alone trading.
I will never advocate saving anything in fiat currency. It is the worse long term decision you will ever make. Yes we need it to do business on a daily basis but don't save in it long term.
Rather save in Gold or Silver if Crypto is to intimidating. I tried to explain the basics in this post - https://steemit.com/money/@dpl/true-wealth-is-your-time-and-freedom
Thanks for your post. I can see that you have knowledge when it comes to the financial system and it is always nice having a discussion with someone on the same page.
Let me know if you do not agree with my opinion and always remember.
Your true wealth is your time and freedom
