Comment: Thank you for your blog. You are climbing my list

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Thank you for your blog. You are climbing my list

of unimpeachable sources.

I had read somewhere that 'fiat' is related to the word 'faith', which is a key component of anything - paper, gold, silver, tobacco - being useful as money. The belief by the receiver of the money that it will have perceived value to someone else tomorrow or some other day.

Combined with the cryptography behind bitcoin which makes it uncounterfeitable, I have 'faith' in it to the same degree that others have 'faith' in bitcoin. I perceive it to have value because others perceive it to have value - just like gold, silver, or tobacco...

Don't feed the pandas. Ever.