Crypto currency is fiat currency... Prove me wrong

What if the value is in the utility of the currency?




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Buy Hasar token.

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.

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.

You don't understand the definition of fiat and/or crypto. There done

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.

False

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

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

you arent 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.

it is a novelty based on a valuable technology (blockchain)

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

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

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

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

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.

false. read my post

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.

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.

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.

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

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.

Blockchain is the FUTURE!

Good discussion folks

Element 115 and space rocks will be the next currancy.

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.




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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

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.