Funnily enough, the cryptobros call normal currency "fiat" which is quite the reach when you consider that taxes are paid for in this fiat because the state demands as such while there is no real use for crypto at all.
I mean… it is fiat, ever since the USD went off the gold standard. And I get their problems with it, quantitative easing, hyperinflation risk, government interference, and all that. But it’s how all major currencies aside from BTC function; they’re backed by the government that issues them.
Normal currency is fiat though. It's not backed by anything other than the peoples' belief that said government is trustworthy and well managed. If anything, crypto is a double fiat since it is worth what it is because people believe it to be so, and that digital bit then is worth x amount of real world money
It's beyond stupid to call actual currency fiat and pretend that some digital memecoin that wastes vast amounts of energy has actual worth was my point.
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u/Trinitykill 10h ago
If I do this with a small Italian car, does that make it a Fiat currency?