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
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
NikkiDimes@lemmy.world 4 months ago
I feel like calling bitcoin a grifter scheme is kind of like calling fiat currency a grifter scheme. Which I guess isn’t entirely untrue…
echodot@feddit.uk 4 months ago
Oh not this again.
Crypto is also fiat. It’s backed by nothing except the trust that it exists, therefore it’s fiat.
NikkiDimes@lemmy.world 4 months ago
That’s my point. Sorry, I should have said “fiat in general”.
orrk@lemmy.world 4 months ago
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