Did you mean "bitcoin" instead of gold here?: .. and a distributed fiat currency (like gold) > It has value only to the extent that you say it has value.

Did you mean "bitcoin" instead of gold here?: .. and a distributed fiat currency (like gold) > It has value only to the extent that you say it has value. I think there are a few definition of "fiat"* (one of which, as you mentioned, is lacking "intrinsic value"). I agree though that the word "fiat" adds only ambiguity to this discussion. * http://en.wikipedia.org/wiki/Fiat_money http://en.wikipedia.org/wiki/Fiat_money