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Celerity

(54,939 posts)

50. Normal currencies are not arbitrary "fiat money."

Reply to hunter (Reply #34)

Thu Sep 9, 2021, 03:30 PM

Sep 2021

smdh

Normal currencies are not arbitrary "fiat money."

Almost ALL major currencies in the world are fiat, including (obviously) the US dollar (since August 15, 1971, when Nixon took the USD off the gold standard)

https://www.investopedia.com/terms/f/fiatmoney.asp

these threads are just so depressing in terms of the lack of knowledge exhibited on multiple levels and subjects

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Cryptocurrency aka Bitcoin/Dogecoin/etc : what am I not understanding ? [View all] steve2470 Sep 2021 OP

Good questions. And what the hell is bitcoin mining? Walleye Sep 2021 #1

mostly it is validation of transactions Voltaire2 Sep 2021 #6

I think it's a scam. Archae Sep 2021 #2

I can't imagine president Biden signing the fed and other government agencies jimfields33 Sep 2021 #3

there is nothing backing paper money either Voltaire2 Sep 2021 #5

Bingo! Champp Sep 2021 #18

Bryant? DFW Sep 2021 #55

Paper money has the promise from the US government it is valid DenaliDemocrat Sep 2021 #53

there is one theory that simply accepting tax revenue payments in a currency Voltaire2 Sep 2021 #59

Which economist advanced that theory? LanternWaste Sep 2021 #66

What? Voltaire2 Sep 2021 #68

Even the Federal government sells bitcoins fescuerescue Sep 2021 #13

It may be legal, but it still looks like a scam. Archae Sep 2021 #14

That page was just the first google hit fescuerescue Sep 2021 #32

"Printing money" is a fallacy. hunter Sep 2021 #52

It's a colloquial term. Not a legal one fescuerescue Sep 2021 #61

It's a colloquial term mostly used in a deceptive way... hunter Sep 2021 #64

Unfortunately we have to share our language with both good and bad people. fescuerescue Sep 2021 #65

So, like stocks? Cuthbert Allgood Sep 2021 #20

More like beanie babies MoonlitKnight Sep 2021 #23

#BeanieBabyBucks - soon going viral Champp Sep 2021 #36

It's a brilliant hybrid Ponzi / Pyramid / Chain Letter scheme. hunter Sep 2021 #34

Thank you for your insights. Sogo Sep 2021 #35

Normal currencies are not arbitrary "fiat money." Celerity Sep 2021 #50

All I know, is if I wanna puchase Latisse (eyelash serum) from India, I gotta pay bitcoin LeftInTX Sep 2021 #4

OK. Whatever the hell that is. lagomorph777 Sep 2021 #15

Since it's cosmetic, insurance doesn't cover it. It's very expensive LeftInTX Sep 2021 #22

Acceptance of only bitcoin tells you all you need to know about the seller. lagomorph777 Sep 2021 #45

It's OK. I can buy it in the US LeftInTX Sep 2021 #57

I dont use it for short term gains but long term retirement - 5+ years Iwasthere Sep 2021 #7

LOL. Hey! That's nothing! I made billions!!!1111!!! Better buy now, everyone!!!111!! Ground floor!11 PSPS Sep 2021 #9

Good luck with your retirement! lagomorph777 Sep 2021 #43

unregulated currency. Javaman Sep 2021 #8

Think Dutch Tulip Mania lagomorph777 Sep 2021 #47

even better. Javaman Sep 2021 #58

It's a scam, like a pyramid scheme. PSPS Sep 2021 #10

Can you explain to us how it's a "pyramid scheme"? sir pball Sep 2021 #17

Value is propped up solely by speculation. PSPS Sep 2021 #27

Cryptocurrencies are straddling two opposing purposes Silent3 Sep 2021 #11

You can (and increasingly do) have both with newer crypto projects Amishman Sep 2021 #56

My take is that the crypto-currency business is mainly two things: 1) a way to keep illegal Martin68 Sep 2021 #12

2) Ponzi scheme lagomorph777 Sep 2021 #16

Can you please explaib how it's a "Ponzi scheme"? sir pball Sep 2021 #19

Bitcoin is a textbook Ponzi scheme lagomorph777 Sep 2021 #24

That's nice, and you're wrong. sir pball Sep 2021 #31

I can see I've stumbled into a religious argument. lagomorph777 Sep 2021 #33

I don't deal with cryptocurrencies. sir pball Sep 2021 #37

The originator of bitcoin gave themselves plenty of it, for nothing muriel_volestrangler Sep 2021 #39

I won't argue that position. sir pball Sep 2021 #42

But it was designed to make profits for the originator and early adopters muriel_volestrangler Sep 2021 #49

sir ball, your definition fits cryptocurrency to a T, as lagomorph explained earlier. Martin68 Sep 2021 #69

Bitcoin is a Ponzi lagomorph777 Sep 2021 #26

So the stock market is a ponzi scheme by your analysis. Cuthbert Allgood Sep 2021 #28

No; you can read further down in the second article why that's not so. lagomorph777 Sep 2021 #30

Nah. You just see something you don't understand sir pball Sep 2021 #40

Enthusiasts are almost undistinguishable from sea-lions. LanternWaste Sep 2021 #67

The stock market is based on actual companies that actually produce a product. Martin68 Sep 2021 #70

... Cuthbert Allgood Sep 2021 #21

It is a money laundering vehicle Bettie Sep 2021 #25

Blockchain tracks everything. sir pball Sep 2021 #41

yup. It's least private currency ever invented fescuerescue Sep 2021 #44

Understand that LIBERTARIANS are all about this which means its' total BULLSHIT tenderfoot Sep 2021 #29

Libertarians are mean clueless fucks. hunter Sep 2021 #38

Yet banks are diving into it. fescuerescue Sep 2021 #48

Is there currently a problem with keeping track of the ownership of stocks and bonds? muriel_volestrangler Sep 2021 #51

actually yes there is Voltaire2 Sep 2021 #60

It's done electronically now. fescuerescue Sep 2021 #62

Thanks for this thread. Sogo Sep 2021 #46

It's just something to get all the 48656c6c6f20 Sep 2021 #54

That's assuming people living in a basement apartment have a lawn. Martin68 Sep 2021 #71

Bitcoin is digital gold D_Master81 Sep 2021 #63

Don't believe the privacy hype... lame54 Sep 2021 #72

When most of the super rich investors won't touch it, this tells me it's too risky. Quixote1818 Sep 2021 #73

Irony is you use electronic transactions all the time... think about how little cash you use these JCMach1 Sep 2021 #74