Sunday, March 19, 2023

Champion of the Dollar

Dollar Death Spiral was started during the 2008 financial crisis to explore alternatives to fiat currency with an early focus on precious metals. The 2008 crisis exposed mismanagement and abuse by the banking sector and failures to regulate perverse incentives. While enormous damage was done to the global economy during that crisis, the mismanagement looks almost trivial when compared to the crypto ecosystem and the joke term "web3". Crypto has no management, no principles, and no regulation. It's really worse than the wild west because it is actively pernicious.

The ecosystem thrives on theft, lies, money laundering, ponzi schemes, and anything to cheat people out of their valuable fiat money. Ironically, Dollar Death Spiral has become a champion of the dollar and government run fiat money. That doesn't mean there isn't ongoing mismanagement and mistakes in the fiat system. But by comparison, the fiat system is a rock of stability and competency. There is a reason the wildcat banks didn't last and crypto should not last either. It is a much bigger threat and deserves as much derision as I can pour on it.

Long live the Dollar.