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> they have no intrinsic value currently there are more crypto currencies with intrinsic value than there is goverment crypto, as fiat by definition has no int

> they have no intrinsic value currently there are more crypto currencies with intrinsic value than there is goverment crypto, as fiat by definition has no intrinsic value The link is more like an opinion piece than an analysis.

RugnirViking 5y ago
if we are suggesting that fiat has no intrinsic value, cryptocurrencies definately also have no intrinsic value, unless you can feed and shelter yourself with the factors of very large prime numbers
- nathias 5y ago
  We aren't suggesting anything, that's what fiat means. There are projects of cryptos backed with different things, for example stable coins with dollars, or synthetic stable coins with overcollaterized loans of other cryptos.
  - RugnirViking 5y ago
    if a cryptocurrency is backed by dollars, gold or anything else, it is not "intrinsically" worth anything, it is only worth anything because of what it is backed by.
    - nathias 5y ago
      that's what intrinsically means in this context, it's a dumb term but it is what it is
  - cuteboy19 5y ago
    But stablecoins are identical to central banks. They involve a central authority pinky promising not to print more of the token. And surprise surprise they do print as many as they want (USDT/USDC)
    - nathias 5y ago
      not the synthetic ones which are just smart contracts for decentralized loans
- leppr 5y ago
  Cryptocurrencies are supported by more democratic means than fiat currencies. Anyone has freedom to use the cryptocurrency or not, which affects its value. The supporters of some cryptocurrencies often have quasi-religious faith in it. Support and consent from humans does have value. Compare this with a fiat currency whose value is supported mostly only by a government forcing their citizens to pay taxes in this fiat currency, and forcefully taking down alternatives. Which of the currencies has more intrinsic value? What happens when the government can't manage to ban the alternatives anymore?
  - RandomLensman 5y ago
    I think most people in wealthy countries do not feel forced to use their domestic currency - a strong claim otherwise would need some sort of good survey data to back it up. (And in fact where I live I am free to also buy crypto, no problem, still don't feel forced to use domestic currency).
    - nathias 5y ago
      You have to pay taxes in the county's fiat, right? Thats what is meant by being forced to use it because if you don't you go to prison and if you resist that you get killed.
      - RandomLensman 5y ago
        I honestly don't think that many people have that view versus taking the use of a common currency as one part of the social compact.
        nathias 5y ago
        if it were a social contract it would be under duress, but that concept was antequated 200 years ago ...
        RandomLensman 5y ago

RugnirViking 5y ago

if we are suggesting that fiat has no intrinsic value, cryptocurrencies definately also have no intrinsic value, unless you can feed and shelter yourself with the factors of very large prime numbers

nathias 5y ago
We aren't suggesting anything, that's what fiat means. There are projects of cryptos backed with different things, for example stable coins with dollars, or synthetic stable coins with overcollaterized loans of other cryptos.
- RugnirViking 5y ago
  if a cryptocurrency is backed by dollars, gold or anything else, it is not "intrinsically" worth anything, it is only worth anything because of what it is backed by.
  - nathias 5y ago
    that's what intrinsically means in this context, it's a dumb term but it is what it is
- cuteboy19 5y ago
  But stablecoins are identical to central banks. They involve a central authority pinky promising not to print more of the token. And surprise surprise they do print as many as they want (USDT/USDC)
  - nathias 5y ago
    not the synthetic ones which are just smart contracts for decentralized loans
leppr 5y ago
Cryptocurrencies are supported by more democratic means than fiat currencies. Anyone has freedom to use the cryptocurrency or not, which affects its value. The supporters of some cryptocurrencies often have quasi-religious faith in it. Support and consent from humans does have value. Compare this with a fiat currency whose value is supported mostly only by a government forcing their citizens to pay taxes in this fiat currency, and forcefully taking down alternatives. Which of the currencies has more intrinsic value? What happens when the government can't manage to ban the alternatives anymore?
- RandomLensman 5y ago
  I think most people in wealthy countries do not feel forced to use their domestic currency - a strong claim otherwise would need some sort of good survey data to back it up. (And in fact where I live I am free to also buy crypto, no problem, still don't feel forced to use domestic currency).
  - nathias 5y ago
    You have to pay taxes in the county's fiat, right? Thats what is meant by being forced to use it because if you don't you go to prison and if you resist that you get killed.
    - RandomLensman 5y ago
      I honestly don't think that many people have that view versus taking the use of a common currency as one part of the social compact.
      - nathias 5y ago
        if it were a social contract it would be under duress, but that concept was antequated 200 years ago ...
        RandomLensman 5y ago