[–] toobaditworks [S] 0 points 1 point 1 point (+1|-0) ago
Yeah every jew banker on the planet hates crypto yet they all invented it... good one.
Cryptocurrency is the most perfect fiat currency ever created, you stupid fucking lunatic. WHERE’S THE MONEY? WHERE’S THE SPECIE? WHAT BACKS IT?
Fiat is money that is printed/issued by a government in which the supply can increase whenever they feel like increasing it.
Crypto's are not printed/issued by a government and have a limited supply which is regulated by code. Therefore crypto's can't be fiat.
WHERE’S THE MONEY?
The money is electronic and can be stored in a number of ways. It can be held by the end user in cold wallets, stored on usb drives, or other ways like Databunker, Fidelity Digital Assets, and bakkt.
WHERE’S THE SPECIE?
I don't know what this is.
WHAT BACKS IT?
Coins like bitcoin are backed by it's usage/adoption and by people who want decentralized currencies to replace the corrupt central bankers and federal reserve. Other crypto's like USD Coin and other stable coins are backed by the US dollar or other government currencies and some crypto's are backed by gold.
I hope this has been a learning experience for you.
[–] Tallest_Skil 1 point -1 points 0 points (+0|-1) ago
[citation needed]
No... fiat is currency by mandate. Crypto is currency by mandate. It is not a store of value. It has no intrinsic worth. Just like the pieces of cloth in our pockets.
No, that’s not what money is. Words have definitions.
All of which are useless when the power goes out.
So maybe do some research on a topic before pretending to know about it.
So... FIAT.
So... fiat by proxy. Or double fiat, however you want to look at it.
Now there we go. You show me the ones that are, and I’ll show you an actual claim check to real money. What the US dollar used to be.
I learned that you claimed that some crypto is gold backed. I’d like to hear more about those.
[–] toobaditworks [S] 0 points 1 point 1 point (+1|-0) ago
Here's a few articles on these:
https://www.coindesk.com/australias-gold-mint-is-backing-a-crypto-token-on-ethereum
https://www.coindesk.com/coinshares-blockchain-launch-gold-token-network-on-a-bitcoin-sidechain
https://www.coindesk.com/paxos-launches-gold-backed-cryptocurrency
Here's another: gold-backed KaratGold Coin (KBC)but it's being investigated in Florida.
https://www.coindesk.com/gold-backed-crypto-tokens-promoter-investigated-by-florida-regulators