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I don't think you know what the word "fiat" means. Crypto is fiat currency. It's backed by nothing but wasted electricity and a lucky guess. You can't trade it
by hannasanarion 7y ago
I don't think you know what the word "fiat" means. Crypto is fiat currency. It's backed by nothing but wasted electricity and a lucky guess. You can't trade it in for anything of value.
- rmtech 7y agoI do know what fiat means, and my meaning in this context is government-issued fiat such as dollars, pounds, euros, etc, though I think that was pretty clear to everyone else!
- hanniabu 7y agoGold is backed by nothing but scarcity, high energy costs to mine it, and utility. That's no different than ethereum.
- arcticbull 7y agoExcept the scarcity of digital assets is all pretend, since you can just fork Ethereum and make your own. You can't fork gold.