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I'm not expressing my support for or against the author here, but the statement made about the problems being applicable to any fiat currency is troublesome. F
by heavydukeb 6y ago
I'm not expressing my support for or against the author here, but the statement made about the problems being applicable to any fiat currency is troublesome.
Fiat currencies are a store of value because they are backed by a Central Bank and by extension by the economy/economies that Central Bank supports combined with the 'general trust' in the currency. Bitcoin only has the latter, so there is a key difference here.
- gota 6y agoYeah - the 'fiat' in the fiat currency is the trust that the entire population of that country will keep working, paying taxes, and producing wealth - a bit of which they 'owe' me because I hold this piece of paper (or bits in the bank, a trusted institution)