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Joined 1 year ago
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Cake day: June 30th, 2023

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  • Oh, is it because decades of incompetence and corruption weakened their already crumbling military? Their lack of a strong economy to support the war effort? Is it because they’re relying on Soviet leftovers instead of modern equipment? The fact their enemy is a motivated, supplied with actually decent munitions by modern/rich countries, and has a competent chain of command?

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  • “unbacked”

    I’m assuming those quotes are referring to fiat currency. Faith in the solvency of the issuing government, widely agreed upon exchange rates, and regulated prices of goods are all forms of backing. Sure: you can argue that’s “not enough” but crypto “currencies” don’t even have that. Hence why their values fluctuate by the minute – which defeats the entire purpose of “money”.

    unregulated

    … government controlled central banks and entire bodies of law exist to do just that. Nobody is regulating crypto.

    Crypto lacks the features that make money “money”. It doesn’t have a relatively stable, agreed upon value. It’s not easily exchanged for goods or services. It technically can be used as “money” but that’s true of anything – trading cards, a pile of gravel, etc.