this post was submitted on 09 Feb 2024
989 points (97.1% liked)
Technology
59534 readers
3195 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Probably not thinking about it on his yacht that he doesn’t pilot or maintain, having built the most successful grifter scheme of all time
I feel like calling bitcoin a grifter scheme is kind of like calling fiat currency (edit: in general) a grifter scheme. Which I guess isn't entirely untrue...
Oh not this again.
Crypto is also fiat. It's backed by nothing except the trust that it exists, therefore it's fiat.
That's my point. Sorry, I should have said "fiat in general".
no, the US dollar is backed by the fact that you can use it to pay your taxes to the US government, and interact with the US government in general, quite literally backed by more than crypto.
and I hate to break it to you, but all currency, ever, is fiat.
all that gold standard stuff? you just abstracted the fiat nature from the money to the metal, there was never any actual basis for the value of gold outside its value, and there are plenty of more sparse metals that people don't value as highly
👍