U.S. Treasury Department says that DeFi and decentralized crypto markets threaten national security
(twitter.com)
-STRAIGHT UP PANIC MODE-
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Crypto is the ultimate in funny money, so I am willing to agree that it is a risk to national security. It has a limited lifespan (electrical resources needed for mining) and that will run out sooner, rather than later. It will all literally go "lights out." The most perishable of all possible currencies (excepting maybe paper money printed on flash paper).
Do I agree with the Fed? Not at all. But thinking that something is good because the Fed opposes it is faulty logic.
No problem going on a gold standard. Just stop printing Federal Reserve Notes. Allow them to go out of circulation from wear and tear. Provide gold specie or certificates available to the public as a separate currency. They can buy them with FRNs at some exchange rate, or buy gold with FRNs and exchange the bulk gold for coin or certificates. (The smart move would be to set the FRN exchange rate higher than the market price of gold, in order to move the market toward gold.) Let the market effect the change. Eventually FRNs will be defunct and gold will prevail. Prices may be different in gold than in FRNs, but foreign markets do that all the time with Euros vs. Dollars (or with Pounds, or Franks, or Kwacha).