3 ms·
The difference between government issued currencies (what you call fiat) and Bitcoin is that. Policies controlling Government currencies are decided by a small
by pmorici 11y ago
The difference between government issued currencies (what you call fiat) and Bitcoin is that. Policies controlling Government currencies are decided by a small group of people generally well connected to banks and other wealthy interests (ie: a central bank with an appointed board of governors)
Bitcoin's governing rules on the other hand are enshrined in software and can only be changed through a democratic consensus process. It's a big step forward over fat cats deciding monetary policy in smoke filled back rooms.
- my5thaccount 11y agoIt's not what I call fiat, it's the definition of fiat. I thought bitcoin was not a fiat currency, but in fact it is, because it's value is controlled by supply and demand based on the decisions of humans. I am now convinced that bitcoin will, like all fiat currencies, inevitably fail. It doesn't matter if its value is controlled by one human or a democratic process controlled by humans, it is controlled by humans and humans are fallible, therefore bitcoin will fail. There is no question of this. The only question is, When?
- pmorici 11y agoYes, but you created a new account to troll so that conclusion was inevitable.
- deleted 11y ago[deleted]
- Frondo 11y agoDemocracy doesn't require consensus and it doesn't require coding. Bitcoin is not democratic, and it is definitely not a big step forward over monetary policy being decided by people who have been appointed by democratically elected officials (which is what we have now).