You can replace the word “Bitcoin” with almost anything else and it’ll make more sense.
One of the biggest realizations I had in High School is there are two kinds of people who hate bullies: those who don’t think bullies should exist, and those who want the bully’s power for themselves.
So it it with crypto. These jerkoffs don’t want to crush the corrupt monetary system, they want to supplant it with their own scam.
It’s a movement driven in no small part by rage. By people who looked at [the financial crash of] 2008 - who looked at the system as it exists - but concluded that the problems with capitalism were that it didn’t provide enough opportunities to be the boot.
All credit to Dan Olson’s masterpeice video Line Goes Up - The Problem With NFTs. Now, if you’ll excuse me, I’ve got to go watch the whole thing again.
Isn’t all money fiat?
Anything that isn’t is just bartering.
Yes, or backed by actual PMs or other high-value assets. Which actually makes me wonder if those aren’t fiat, too, considering artificial scarcity (De Beers and diamonds, for example).
Beer is a legitimate currency, don’t let anyone tell you otherwise
The way water supplies are currently (mis)handled, you’re not wrong. Beer was developed as a sort of sanitation method, iirc.
Which actually makes me wonder if those aren’t fiat, too, considering artificial scarcity (De Beers and diamonds, for example).
I can see an argument for considering them fiat. The value of “high-value assets” (e.g. gold) comes from the assumption they’ll retain their value even if things get drastic, not from being immediately useful (e.g. alcohol) or necessary to survive (e.g. water).
PMs
Zero clue what the acronym means in this context.
Precious metals. My point is, artificial scarcity means artificial value.
Ah, right. Yeah, I can see your point. If it isn’t necessary to survive (e.g. food, water), or it doesn’t have an immediate use case (e.g. ammunition), its probably some form of fiat.
Not really related but perhaps entertaining titbit, in the metro 2033 video game series they use high quality ammo as currency. Cant recall if this also happened in the book.
