A question for Financial folks and contract lawyers

Posted by $ AJAshinoff 1 year ago to Ask the Gulch
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A friend and I were talking today and this subject, dealing with currency and contract law, came up.

Since all of our purchases and financial agreements are made in US dollars, including major purchases like house, car, land, credit cards etc. Can voiding the US dollar in favor of a crypto currency cancel contracts with banks by putting the banks in breach of contract? Could a US mortgage holder walk into a bank and demand their house title since the bank has violated the terms of the agreement? While a crypto can be manufactured from nothing and be called US dollar, it is not fiat currency or any degree of tangible currency that both parties had agreed on.

Just curious to see if the approach has merit.


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  • Posted by CircuitGuy 1 year ago
    "Voiding the US dollar" is the key phrase. If the USD suddenly lost most of its value, it would be a major crisis. That wouldn’t be a necessary feature of cryptocurrency adoption.

    In a major monetary crisis, people resort to barter and foreign currencies. In this scenario in the modern world, people would probably use crypto in addition to barter and other currencies. (This might have already happened somewhere, but I haven’t heard of it yet.)
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  • Posted by $ blarman 1 year ago
    That's a VERY interesting idea. Especially in lieu of the fact that it is written into the Constitution that government can't interfere in most contracts...
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