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Comment: Definition of 'Fiat

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Definition of 'Fiat

Definition of 'Fiat Money'
Currency that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves. Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on faith.

There are 2 main aspects of a fiat currency, 1 being govt decree, 2 being based on trust, both equally dangerous withstanding the fact if the govt decree allows the unit of commodity $ to float with market prices.

Bitcoin does not force people to use them, but it is based on trust and has no intrinsic value, therefore I say have at it but it is not for me.

It is frightening that they report any cash transaction over $1k, let alone the fact that $1k in this day and age is a small sum of money. However, you can still use cash discreetly, buying a car from a private seller, or purchasing a laptop from someone through Craigslist and the like.

I am not against bitcoin nor am I in favor of it, and I am not in favor of legal tender laws, if I had to choose what currency I use, it would be some sort of commodity backed unit however, if people want to use bitcoin, go for it. Bitcoin seems to be similar to the age when private institutions back in the 1800's issued their own currency which was backed by trust which all ended horribly for those who were holding them, but this time it is electronic. Those days in the 1800's (wildcat banks) are what led to the frb having a monopoly on the issuance of money btw, and history often resembles itself.

“When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker a raving lunatic.” – Dresden James