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    Redditor entdeckt versehentlich Fiat-Währung

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    2. Technical_Split_6315 on

      Fiat is backed by states, you really think cryptocurrency is more backed than that? Lmao

    7. Revolutionary-Cup78 on

      Pretty much any fiat is backed by the army and the controlled markets/industries of the issuing country.

      No amount of philosophy or gold is going to do something against the US navy for example. „But you can use gold to buy ships an armies of your own“, you can’t do it fast enough

    8. ARoundForEveryone on

      We have fiat currencies today because governments have pulled wool over people’s eyes. It *used to* be backed by gold. But many countries slowly started using their gold stores for other purposes and didn’t make a big public deal about it. Letting their citizens just go about their days, spending their fiat as they’d been doing for many years. And that’s generally how fiat currencies work today. They have value because *we’re told* it has value. And if you and I believe it has value, then it has value, right? If I can give a grocery store money for food, then I’ve secured the value of that money, right? And that grocery store can then give it to their suppliers, who also believe that it has value. Which they will extract from the money by giving it to their suppliers and farmers and ranchers and whoever is the primary source of a particular food item. Who will, in turn, also use it for food – for them, for their crops, for their animals, etc.

      I mean, I have a bottle of water next to me. Does it have value? It’s old and scratched up and faded and generally not pretty. But it has a purpose. If I don’t need to use it for that purpose, someone else could use it to satisfy their purpose. But I wouldn’t just *give* them my bottle, I’d want something in exchange.

      Anything can be a currency. Paper bills, metal coins, records of debt, stones, seashells, or animal hides. It just depends on what you and your trading partner need. Sometimes I have stones but you need animal hides, so I can go trade my stones to someone with animal hides, and then trade you those animal hides for something I need. This worked for thousands of years, but having a common base unit – something that everyone knows will be accepted by anyone else – makes these trades far easier and more liquid.

    11. brucekeller on

      For all its faults, we basically lived in the Dark Ages before fiat came around. It got around immediate scarcity. God, I wouldn’t even want to imagine a world where we had just kept trading in gold and silver coins. Wouldn’t be typing all this bullshit up on the internet, that’s for sure. Probably would be fighting each other for the entertainment of our lords that have all the gold and silver.

      Maybe that will ironically happen again with crypto, man, that’d be crazy lol. It sure is lining up with more and more people not being able to afford houses / property etc, while Bill G is buying up all the farmland and whatnot.

    12. Calm_Situation_1131 on

      Crypto is also fiat – it only has value because people have faith in its value.

    13. DeathFood on

      The only thing that has a worse track record than fiat currencies are asset backed currencies which have all 100% collapsed through history.

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