4 ms·
Same fiat paper currency.
by eric_cc 4y ago
Same fiat paper currency.
- snovv_crash 4y agoAs I said on the other thread, there is a government with a police force backing fiat. They also guarantee they will buy the fiat currency and in exchange give you the continued use of the land you own. This is why it is called 'fiat', which means backed by law or authority.
- deleted 4y ago[deleted]
- vageli 4y agoGovernments have demonstrated that they do not have to accept their own currency [0] and have demonstrated a willingness to drive the value of their currency down. [1] [0]: https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis... [1]: https://en.wikipedia.org/wiki/2018%E2%80%932022_Turkish_currency_and_debt_crisis#Presidential_interference_with_the_central_bank https://en.wikipedia.org/wiki/2018%E2%80%932022_Turkish_curr...
- throwanem 4y agoFortunately, one side effect of being long BTC is that the owner of the position becomes immune to bullets, batons, laws, liens, and civil actions.
- thehappypm 4y agoNot really. You get to keep your property if you pay fiat to your local government every year. That is backstopping its value.
- mejutoco 4y agoYou can pay your taxes with it at the very least.
- moistly 4y agoWow. Talk about destroying any credibility you’d hoped to hold onto. Total foot-gun action.