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Crypto currency is fiat currency... Prove me wrong

 
Looking Around
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02/09/2021 10:53 AM
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Crypto currency is fiat currency... Prove me wrong
Fiat money is any money that is accepted by a government for paying taxes or debt, but is not pegged to or backed directly by gold and other valuables. Fiat money does not have significant intrinsic value or use value. Wikipedia

Plus quantum computing will break the sha256 algorithm encryption soon enough.

Last Edited by Looking Around on 02/10/2021 02:41 PM
BIG.BILL
Moon Lambo

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02/09/2021 10:57 AM

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Re: Crypto currency is fiat currency... Prove me wrong
What if the value is in the utility of the currency?

book


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“It is not hard to imagine serious public dangers emerging out of instances in which political, military, scientific or religious leaders are unable to distinguish fact from vivid fiction.” ~ Carl Sagan

2011: A Forum Odyssey

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Seattle.

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Anonymous Coward
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02/09/2021 10:58 AM
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Re: Crypto currency is fiat currency... Prove me wrong
Buy Hasar token.
Looking Around  (OP)

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02/09/2021 11:07 AM
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Re: Crypto currency is fiat currency... Prove me wrong
Countries will require taxes to be paid in the currancy they choose. Not likely they will dump the petrodollar and accept crypto. If anything you will have to accept a government/UN owned currancy.


Soon cancel culture could kill crypto, just say Trump supporters are behind a certain crypto and it will tank.
BLACK GHOST

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02/09/2021 11:10 AM

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Re: Crypto currency is fiat currency... Prove me wrong
Crypto is a new asset class, unrelated to any other.

It is NOT fiat. Fiat is just money that the powers that be force you to use.

Crypto is not controlled by the government.

It's supply is fixed, so no inflation.
Anonymous Coward
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02/09/2021 11:11 AM
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Re: Crypto currency is fiat currency... Prove me wrong
You don't understand the definition of fiat and/or crypto. There done
Looking Around  (OP)

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02/09/2021 11:12 AM
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Re: Crypto currency is fiat currency... Prove me wrong
Crypto is a new asset class, unrelated to any other.

It is NOT fiat. Fiat is just money that the powers that be force you to use.

Crypto is not controlled by the government.

It's supply is fixed, so no inflation.
 Quoting: BLACK GHOST


Can be outlawed to conduct commerce with and forced to the black market.

India is leading the way to outlaw crypto trans.


Plus a EMP could take out a bunch of crypto wallets.
Looking Around  (OP)

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02/09/2021 11:12 AM
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Re: Crypto currency is fiat currency... Prove me wrong
You don't understand the definition of fiat and/or crypto. There done
 Quoting: Anonymous Coward 79477979


False
Anonymous Coward
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02/09/2021 11:13 AM
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Re: Crypto currency is fiat currency... Prove me wrong
exactly

BITCOIN is transferred/exchanged for FIAT currency, so there's that

whether you pump money into the market or take it out

so BTC is basically FIAT money FFS

none can think
MaybeTrollingUAgain

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02/09/2021 11:15 AM
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Re: Crypto currency is fiat currency... Prove me wrong
What if the value is in the utility of the currency?

book


- - - - - -
 Quoting: BIG.BILL


Currency is work. Value is intrinsic to work. The utility of it doesn't change the fact it is created from nothing.
MaybeTrollingUAgain
mr dull socks

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02/09/2021 11:15 AM

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Re: Crypto currency is fiat currency... Prove me wrong
you arent wrong
Red Hot Chilean Pepe
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02/09/2021 11:16 AM

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Re: Crypto currency is fiat currency... Prove me wrong
You are correct, but even "gold backed" is ultimately Fiat, because the value of gold is also a perceived one, not a real one.

Money does not really exist, the only thing that exists is the collective willingness and belief of most participants in the game to be submitted to put an imaginary value on paper / metal / numbers on a database / absurd numbers created by solving complex maths (a.k.a. crypto currencies).

For anyone that has realized of this, the whole thing is laughable.
All great truths begin as Blasphemies.
G.B.S.

GLP is like a diamond mine of information, in the sense that you have to shovel mountains of crap to find the diamonds, but it's still worth the pain.
mr dull socks

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02/09/2021 11:16 AM

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Re: Crypto currency is fiat currency... Prove me wrong
Crypto is a new asset class, unrelated to any other.

It is NOT fiat. Fiat is just money that the powers that be force you to use.

Crypto is not controlled by the government.

It's supply is fixed, so no inflation.
 Quoting: BLACK GHOST


it is a novelty based on a valuable technology (blockchain)
Looking Around  (OP)

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02/09/2021 11:17 AM
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Re: Crypto currency is fiat currency... Prove me wrong
exactly

BITCOIN is transferred/exchanged for FIAT currency, so there's that

whether you pump money into the market or take it out

so BTC is basically FIAT money FFS

none can think
 Quoting: Anonymous Coward 79383457


hesright

You can't pay taxes with bitcoin. Never will be able to. Federal Reserve is ten steps ahead of crypto plans.
mr dull socks

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02/09/2021 11:17 AM

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Re: Crypto currency is fiat currency... Prove me wrong
You are correct, but even "gold backed" is ultimately Fiat, because the value of gold is also a perceived one, not a real one.

Money does not really exist, the only thing that exists is the collective willingness and belief of most participants in the game to be submitted to put an imaginary value on paper / metal / numbers on a database / absurd numbers created by solving complex maths (a.k.a. crypto currencies).

For anyone that has realized of this, the whole thing is laughable.
 Quoting: Red Hot Chilean Pepe


false...gold has utility usage in the real world. that is why it is valuable

Last Edited by mr dull socks on 02/09/2021 11:17 AM
Anonymous Coward
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02/09/2021 11:17 AM
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Re: Crypto currency is fiat currency... Prove me wrong
You are correct, but even "gold backed" is ultimately Fiat, because the value of gold is also a perceived one, not a real one.

Money does not really exist, the only thing that exists is the collective willingness and belief of most participants in the game to be submitted to put an imaginary value on paper / metal / numbers on a database / absurd numbers created by solving complex maths (a.k.a. crypto currencies).

For anyone that has realized of this, the whole thing is laughable.
 Quoting: Red Hot Chilean Pepe


exactly

like all the currencies, money, assets

everything is worth as much as people think it is, put trust in it and back it, it's all based on trust and nothing else
Anonymous Coward
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02/09/2021 11:21 AM
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Re: Crypto currency is fiat currency... Prove me wrong
dollar is backed by it's people, the treasury, the Government, the military

backed by exchange rates, Treasury notes and foreign exchange reserves

as long as USA will be an independent country, the dollar is here to say whether you like it or not
Looking Around  (OP)

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02/09/2021 11:21 AM
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Re: Crypto currency is fiat currency... Prove me wrong
You are correct, but even "gold backed" is ultimately Fiat, because the value of gold is also a perceived one, not a real one.

Money does not really exist, the only thing that exists is the collective willingness and belief of most participants in the game to be submitted to put an imaginary value on paper / metal / numbers on a database / absurd numbers created by solving complex maths (a.k.a. crypto currencies).

For anyone that has realized of this, the whole thing is laughable.
 Quoting: Red Hot Chilean Pepe


exactly

like all the currencies, money, assets

everything is worth as much as people think it is, put trust in it and back it, it's all based on trust and nothing else
 Quoting: Anonymous Coward 79383457



Sex is currancy also. Anything can be. Bartering is also another economy, but again can't pay taxes with it directly. Can't pay taxes you go to jail.
mr dull socks

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02/09/2021 11:22 AM

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Re: Crypto currency is fiat currency... Prove me wrong
You are correct, but even "gold backed" is ultimately Fiat, because the value of gold is also a perceived one, not a real one.

Money does not really exist, the only thing that exists is the collective willingness and belief of most participants in the game to be submitted to put an imaginary value on paper / metal / numbers on a database / absurd numbers created by solving complex maths (a.k.a. crypto currencies).

For anyone that has realized of this, the whole thing is laughable.
 Quoting: Red Hot Chilean Pepe


exactly

like all the currencies, money, assets

everything is worth as much as people think it is, put trust in it and back it, it's all based on trust and nothing else
 Quoting: Anonymous Coward 79383457


false. read my post
Anonymous Coward
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02/09/2021 11:25 AM
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Re: Crypto currency is fiat currency... Prove me wrong
Crypto is a new asset class, unrelated to any other.

It is NOT fiat. Fiat is just money that the powers that be force you to use.

Crypto is not controlled by the government.

It's supply is fixed, so no inflation.
 Quoting: BLACK GHOST


Can be outlawed to conduct commerce with and forced to the black market.

India is leading the way to outlaw crypto trans.


Plus a EMP could take out a bunch of crypto wallets.
 Quoting: Looking Around


I don't trust giving them my bank acct number. Who knows how they can mess with it.

Guy in another thread said they kept telling him it was wrong when it's right when he tried to buy. I can see people losing their bitcoins that way too.
phillk6751

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02/09/2021 11:28 AM

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Re: Crypto currency is fiat currency... Prove me wrong
Bitcoin is similar to (in some way) Gold/Silver:

1) Computing power (Electricity & time) was spent searching for the hash, much like the time and energy spent mining gold/silver

2) There is a finite amount of it, and when it's all mined up, there will be no more. Although gold/silver won't be 100% mined in the foreseeable future.
Anonymous Coward
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02/09/2021 11:29 AM
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Re: Crypto currency is fiat currency... Prove me wrong
When the stock market/economy crashes, crypto will be billed as the 'black hole' diverting the 'fuel', and will be quashed with extreme prejudice by .gov the world over.

"Bank" on it.
Anonymous Coward
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02/09/2021 11:30 AM
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Re: Crypto currency is fiat currency... Prove me wrong
You are correct, but even "gold backed" is ultimately Fiat, because the value of gold is also a perceived one, not a real one.

Money does not really exist, the only thing that exists is the collective willingness and belief of most participants in the game to be submitted to put an imaginary value on paper / metal / numbers on a database / absurd numbers created by solving complex maths (a.k.a. crypto currencies).

For anyone that has realized of this, the whole thing is laughable.
 Quoting: Red Hot Chilean Pepe


exactly

like all the currencies, money, assets

everything is worth as much as people think it is, put trust in it and back it, it's all based on trust and nothing else
 Quoting: Anonymous Coward 79383457


false. read my post
 Quoting: mr dull socks


The price of gold is generally inversely related to the value of the United States dollar because the metal is dollar-denominated.4 All else being equal, a stronger U.S. dollar tends to keep the price of gold lower and more controlled, while a weaker U.S. dollar is likely to drive the price of gold higher through increasing demand (because more gold can be purchased when the dollar is weaker).

As a result, gold is often seen as a hedge against inflation. Inflation is when prices rise, and by the same token prices rise as the value of the dollar falls. As inflation ratchets up, so too does the price of gold.

the price of gold is still determined in dollars as it has to be valued with, in something, so like BITCOIN, is backed/traded in FIAT money, it's basically the same thing, leaving aside the PMs purposes that you can do with it
Anonymous Coward
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02/09/2021 11:31 AM
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Re: Crypto currency is fiat currency... Prove me wrong
dollar is backed by it's people, the treasury, the Government, the military

backed by exchange rates, Treasury notes and foreign exchange reserves

as long as USA will be an independent country, the dollar is here to say whether you like it or not
 Quoting: Anonymous Coward 79383457


Worst case scenario is it will lose value even quicker and there will be a digital dollar based on the technology. But that's pretty bad.

Bitcoin and all the other casino tokens will never be adopted by any nation as it's own currency like the idiot maxis think.
Anonymous Coward
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02/09/2021 12:04 PM
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Re: Crypto currency is fiat currency... Prove me wrong
When the stock market/economy crashes, crypto will be billed as the 'black hole' diverting the 'fuel', and will be quashed with extreme prejudice by .gov the world over.

"Bank" on it.
 Quoting: Anonymous Coward 79707836
Anonymous Coward
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02/09/2021 12:06 PM
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Re: Crypto currency is fiat currency... Prove me wrong
Blockchain is the FUTURE!
Looking Around  (OP)

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02/09/2021 12:06 PM
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Re: Crypto currency is fiat currency... Prove me wrong
Good discussion folks
Looking Around  (OP)

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02/09/2021 12:13 PM
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Re: Crypto currency is fiat currency... Prove me wrong
Element 115 and space rocks will be the next currancy.
BIG.BILL
Moon Lambo

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02/09/2021 12:22 PM

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Re: Crypto currency is fiat currency... Prove me wrong
What if the value is in the utility of the currency?

book


- - - - - -
 Quoting: BIG.BILL


Currency is work. Value is intrinsic to work. The utility of it doesn't change the fact it is created from nothing.
 Quoting: MaybeTrollingUAgain


utilize

VERB
make practical and effective use of.


Sounds like work to me. At least the sort of work you find in a universe created from nothing.

book


- - - - - -

Last Edited by BIG.BILL on 02/09/2021 12:22 PM
“It is not hard to imagine serious public dangers emerging out of instances in which political, military, scientific or religious leaders are unable to distinguish fact from vivid fiction.” ~ Carl Sagan

2011: A Forum Odyssey

[link to www.youtube.com (secure)]

Seattle.

[link to www.youtube.com (secure)]

Who's in Control?

[link to www.youtube.com (secure)]
MaybeTrollingUAgain

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02/09/2021 12:22 PM
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Re: Crypto currency is fiat currency... Prove me wrong
Crypto currencies check ALMOST all the needs for something to be used as currency:

Durability.
Portability.
Divisibility.
Uniformity.
Limited supply.
Acceptability.

Try to guess which one it does not conform to
MaybeTrollingUAgain
Red Hot Chilean Pepe
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02/09/2021 12:55 PM

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Re: Crypto currency is fiat currency... Prove me wrong
You are correct, but even "gold backed" is ultimately Fiat, because the value of gold is also a perceived one, not a real one.

Money does not really exist, the only thing that exists is the collective willingness and belief of most participants in the game to be submitted to put an imaginary value on paper / metal / numbers on a database / absurd numbers created by solving complex maths (a.k.a. crypto currencies).

For anyone that has realized of this, the whole thing is laughable.
 Quoting: Red Hot Chilean Pepe


exactly

like all the currencies, money, assets

everything is worth as much as people think it is, put trust in it and back it, it's all based on trust and nothing else
 Quoting: Anonymous Coward 79383457


false. read my post
 Quoting: mr dull socks


It's still a perceived value, based on a perceived scarcity. There are much scarcer metals. It's only a belief what makes people think its valuable.
All great truths begin as Blasphemies.
G.B.S.

GLP is like a diamond mine of information, in the sense that you have to shovel mountains of crap to find the diamonds, but it's still worth the pain.





GLP