Senator Mike Rounds

@SenatorRounds ↗

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Last Checked Jan. 19, 2022

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Thu May 27 19:51:03 +0000 2021

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Senator Mike Rounds @SenatorRounds

Some people decided that, if the commodity backing a currency doesn’t matter, then why should money need to be a physical object and why should you need a government (or bank) to back money? From there, some programmers started developing cryptocurrencies (CCs). — PolitiTweet.org

Posted May 27, 2021

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Senator Mike Rounds @SenatorRounds

Some history: in the last century governments have moved away from commodity currencies (such as gold) to fiat currencies (such as Federal Reserve notes) cementing the idea that money can have value just because people agree it does. — PolitiTweet.org

Posted May 27, 2021

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Senator Mike Rounds @SenatorRounds

CCs exist only in digital ledgers and wallets rather than as physical objects like dollar bills. Like all fiat currencies, they have value only because people agree they do, but CCs in general lack the backing of a government or central bank. — PolitiTweet.org

Posted May 27, 2021