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> in exchange for goods Generally speaking, the people who provide the goods, use fiat for production of the good, and convert the crypto back into fiat to rea
by yunohn 5y ago
> in exchange for goods
Generally speaking, the people who provide the goods, use fiat for production of the good, and convert the crypto back into fiat to realize profits.
- baby 5y agoWe don’t have data and what if they convert back into fiat? Would you say that foreign workers who get paid in USD and send money back home only use USD as a ponzi?
- yunohn 5y agoYou don’t need data to see plainly that the vast majority of goods are obtained with fiat. As such, someone selling goods for crypto has no choice but to use fiat as well.
- baby 5y agoI really don’t get your distinction between fiat and crypto
- drdeca 5y agofiat here means (roughly) government issued, I think
- baby 5y agothat's the correct distinction, but the poster I was replying to was trying to make some arbitrary distinction.
- drdeca 5y agoI don't follow? They are saying that in order to run a business in which one sells goods or services for cryptocoins, that in order to pay for one's business costs, one must spend fiat, and that therefore, someone selling goods for cryptocoins, must, in addition to using cryptocoins, also use fiat currencies (because most of their business expenses can only be paid in fiat currencies).