Comment: I don't think "fiat" means what you think it means...

(See in situ)

I don't think "fiat" means what you think it means...

Fiat means "by decree". Government currencies are arbitrary, because they are imposed at the barrel of a gun. The chosen value is arbitrarily selected, and the only marker one has is the previous use within the context of a voluntary market. I.e. the "dollar" is actually based on the "taler", which was a specific weight of silver. When the dollar was introduced, it just re-named what was already most commonly in use. If I decided to invent "JohnBucks" tomorrow and pass laws telling everyone they could use JohnBucks and only JohnBucks, the market would go into chaos because every price signal would be arbitrary.

Bitcoins are not "fiat". Nobody has decreed that they are to have any value at all - people just adopted them and started using them to pseudo-anonymously purchase goods and services, and the value reflects the sentiment towards them and the stuff that you can buy with them. It's still a completely voluntary interaction (nobody is forced to use them at all), therefore it is completely moral.

I think the real question to ask is: Would bitcoins even exist if governments did not monopolize currency and the existing financial infrastructure? The answer is most likely no. This is just the market responding to financial tyranny with a very solid workaround, but I highly doubt that they would exist if it were not for the monetary tyranny we are all living under already. In the meantime, you can't rage on them any more than you can rag on gold and silver, because nothing has any "intrinsic value", since all value is subjective. Gold and silver are just most commonly chosen by the market because of their innate attributes (impossible to counterfeit, ease of transport/divisibility, etc.). bitcoin actually shares all of these attributes, albeit within a digital-only realm, so you if you are going to root and holler for people being allowed to use gold and silver, you really should be rooting and hollering for people to use bitocins, too.

- - - - - - - - - - - - - - - - - - - - - - - - - - - -

Progress is precisely that which the rules and regulations did not foresee. - Ludwig Von Mises.