Why Crypto is the Future and How it is Essential to us All

Chris Herd
4 min readAug 15, 2019

What people fail to realize when correlating crypto prices with Fiat is that there is far less certainty in government-controlled currency than you imagine.

Since USD value was divorced from the Gold standard by Nixon in 1971, because of his perception of the weakening of the Dollar in comparison to companies that were not tied to the price of gold, its underpinning is less certain. People often imagine that the value of money is tied to a physical commodity but this is no longer true.

Money might not quite be the intellectual construct that Cryptocurrency is, but it is careless and irresponsible to assume it is any less dependent on the faith of the people for its value to remain.

People imagine that because a government stands behind it that there is more control or safety measures — and there obviously are — but the distance between the two is closer than you would initially think. The overall value of fiat is contingent on the whims, fluctuations, and successes of a country. Supply can be manipulated through arbitrary decisions by a central bank who can print money as monetary policy significantly affecting inflation

Effectively what this means is that a government can unilaterally decide to devalue everything in a country overnight. Think of quantitative easing as a stock split where instead of receiving two for one, the government splits your stock and keeps half.

That is what effectively occurred following the 2008 financial collapse and there was nothing to stop it or nothing we could do about it. The argument that it prevented deeper financial issues was irrelevant to normal people — they didn’t cause the problem! They might have been dependent on the pensions accrued from the companies that were failing but their blame started and finished with the rules and practices of the banking profession.

Crypto began its rise to prominence at a similar time, coincidence?

I don’t think so. Crypto is controlled by a decentralized, distributed network of users who exert equal control. Progress is controlled by consensus — that is a key innovation. There aren’t elected representative that make decisions on our behalf, we row our own…

Chris Herd

CEO / Founder / Coach @FirstbaseHQ Empowering people to work in their lives not live at work ✌️✌