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927 points smallerfish | 1 comments | | HN request time: 0.311s | source
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josu ◴[] No.42925559[source]
Here is the retained purchasing power of each of the coins since the law was passed in September 2021:

Legal tender 1: -15%

Legal tender 2: +115%

Guess which one has been deemed a "Failed experiment".

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georgeecollins ◴[] No.42925991[source]
If the value of the dollar increased or stayed 100% stable we would be in a depression. In fact, the only time the dollar increased in value for long was the great depression.

The point of legal tender is that it reduces in value slowly over time, so you don't just hoard it under your bed. If someone paid me in BTC, I wouldn't spend it, I would hang on to it. That's not how currency works. Currency is the thing you want to spend, not hand on to.

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1. attila-lendvai ◴[] No.42927574[source]
hence the two words/concepts: currency and money.

and they both can share the same unit of account.

The Unadulterated Gold Standard articles have a more detailed discussion of this.