3 ms·
Yes, of course. So what? Just because Bitcoin is fiat money doesn't mean it will fail (or succeed), and it doesn't mean that it's "good" or "bad" either. By
by cs702 9y ago
Yes, of course.
So what?
Just because Bitcoin is fiat money doesn't mean it will fail (or succeed), and it doesn't mean that it's "good" or "bad" either.
By many measures, fiat money has been a success so far. For example, the aggregate market cap of fiat money today exceeds Bitcoin's by quite a few orders of magnitude.[1]
Calling Bitcoin "fiat" ≠ arguing against it.
[1] http://money.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization/ http://money.visualcapitalist.com/all-of-the-worlds-money-an...
- burnte 9y agoI agree that calling it fiat is not arguing against it, but it's important because there are a large number of people who are deep in the bitcoin world, and get infected with a little bit of the Libertarian/gold-standard mentality that thinks fiat is a bad word. In the end, everything that isn't a direct barter exchange of usable goods is a fiat currency, because that's the POINT of an exchange medium; something that everyone agrees is worth something in order to facilitate trade, it makes life easier. Pointing out that bitcoin is just as much a fiat currency as the dollar or the euro or gold helps dispel the misconceptions about currency and helps people learn more about bitcoin and currency as a whole.
- ballenf 9y agoYou're restating the article's conclusion, in my reading. Soundbite summary was: it's all been done before and always failed if it lacked proper controls in place.