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Most of us define “fiat” similar to this: 1 : a command or act of will that creates something without or as if without further effort According to the Bible, th
by thinkmassive 9y ago
Most of us define “fiat” similar to this:
1 : a command or act of will that creates something without or as if without further effort According to the Bible, the world was created by fiat.
2 : an authoritative determination : dictate a fiat of conscience
3 : an authoritative or arbitrary order : decree government by fiat
https://www.merriam-webster.com/dictionary/fiat https://www.merriam-webster.com/dictionary/fiat
Most cryptocurrencies have value because of a mutual belief that they have value, but the overwhelming majority have not been mandated for use by some authority yet.
- SideburnsOfDoom 9y ago> Most cryptocurrencies have value because of a mutual belief that they have value So, "they have value because we agree that they have value. Because we say so". That's exactly "Fiat".
- thinkmassive 9y agoAgreement is not equivalent to authority. Fiat means dictated by authority, which is backed by the power to enforce the rule.
- SideburnsOfDoom 9y agoI don't think that those two things, "agreement" and "authority" are actually very different at all. And "Fiat" as opposed to Commodity-backed is not something that is subject to fine slicing like that, lest you beg the question, "what commodity magically came into being to back it here?"