Comment on Just 137 crypto miners use 2.3% of total U.S. power — government now requiring commercial miners to report energy consumption

• 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.

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  • NikkiDimes@lemmy.world ⁨4⁩ ⁨months⁩ ago

    That’s my point. Sorry, I should have said “fiat in general”.

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    • 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

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      • NikkiDimes@lemmy.world ⁨4⁩ ⁨months⁩ ago

        👍

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