In My Tribe • 425 implied HN points • 26 Jan 25
- Cryptocurrencies like Bitcoin can be compared to chain letters, where early participants may make money while later ones might lose everything. It only works as long as new buyers keep joining in.
- The American dollar, being a fiat currency, also operates like a chain letter. It's based on trust and belief rather than a physical backing, and its value can decline over time.
- Some people view Bitcoin as a safe way to protect against inflation, but switching from the US dollar to Bitcoin may not solve the fundamental issues with trust and value in these systems.