AgentZeroM
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AgentZeroM3 karma
If you google the definition of fiat, you get ...
fi·at ˈfēət,ˈfēˌät/ noun noun: fiat; plural noun: fiats
1.
a formal authorization or proposition; a decree.
Also, with any form of valueless paper issued by a government, isn't it always the people "who say it's money?" We decide when it has worth based on our faith in the stability of the issuer...
No, governments say its the currency you pay your taxes in, so the people have no choice - especially after the government and central banks begin to debase it.
Another interesting comparison... Fiats are debt based currency - they are (should be) IOUs for precious metals on reserve. You deposit a unit of gold/silver, you get an easy to carry around, divisible reserve note (IOU), that can be used to redeem that precious metal at any time. Problems begin when the banks start issuing more notes than they have PMs on hand.
This introduces counter-party risk and your holdings in IOUs can be debased without your knowledge or recourse.
Gold/Silver/Bitcoin cannot be trivially created and people can trust the math and physics behind this phenomenon. (This makes them non-debt based assets). It is trivial to test the validity/authenticity of Gold/Silver/Bitcoin so there is no counter-party trust - you're simply basing your faith in the strength of physics/math.
AgentZeroM2 karma
The constitution is the law of our land. By taking the route of "just doing my job" to remove a lawful-yet-disobedient student, you've selfishly pissed all over our nation's most important premises to keep your paycheck. Congratulations.
AgentZeroM6 karma
Bitcoin is not a fiat currency. Fiat is a declaration by a government or issuer - not individual people "who say it's money" - otherwise you might as well call gold fiat. Using the term this way makes it useless.
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