ST Alpha - "Fiat money is at least backed by the existence of governments, even if that isn't perfect. Crypto is backed by... the faith of people who hold crypto" (Reading a Post)

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In response to ""Trading scrip back and forth" is what happens today with USD and is the best case scenario for bitcoin -- nm" by rollo

Fiat money is at least backed by the existence of governments, even if that isn't perfect. Crypto is backed by... the faith of people who hold crypto

Posted by Reagen Jan 3 '21, 12:34

If you look at how it's generated it's actual a way of turning energy into money. If renewables take off and become cheap that becomes terrible for crypto prices.

Responses:

If civilization crumbles, 1,000 years later we find caches of gold coins, wads of paper money, what happens to flash drives? -- nm - zeitgeist Jan 3, 12:49
at the end of the day both forms are clapping for tinkerbell to fly or whatever. That said, your IM is very intriguing. Vast rigs of solar powered - rollo Jan 3, 12:43 2
- The other thing that would knock it back to Earth is higher tax rates or a wealth tax - Reagen Jan 3, 12:51 1
  - I stand by my Beanie Babies comment on the BBs. -- nm - TWuG Jan 3, 12:54

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Fiat money is at least backed by the existence of governments, even if that isn't perfect. Crypto is backed by... the faith of people who hold crypto

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