| noagenda said: A necessity to being a viable Fiat Currency is stability. Not one of these cryptocurrency have, or will ever have, stability. It's total BS based on what people "believe" the value should be. It also absolutely requires power! Power to mine, and power to process payment. Good luck with that when you are in a state of emergency and can't trade the silly stuff because the power is down. I find it fascinating that people that hate the Fiat Money already in circulation because it's not backed by gold, accept another form of currency which also isn't backed by gold. What people don't understand is Fiat Money doesn't need to be backed by gold, it only needs to be backed by the population of the nation issuing the currency. Cryptocurrency have NO BACKING at all, except for rarity. Pretty dumb to count on that as your store of value.
However, if you like gambling - it's perfect! |
@Bold That's pretty much just about what every currency is including gold itself. All currency is only backed in belief of how much value people have in it. Tomorrow the value of gold could plummet and toilet paper could surge in value thus we'd be trading with toilet paper instead of gold so this scenario demonstrates that there exists a "social" aspect to currency or commodities itself ...
Whether fiat money or cryptocurrencies are not necessarily inferior or superior to each other or other forms of currency ...
