AMA: Long-time DU lurker and democratic supporter, know everything there is to know about bitcoin

[Rassah]

90. I would say so...

I would call it fiat, because it is unbacked, and just is.Others would argue that fiat, by definition, means that some group or entity declared "let it be so" in order to give something value. I guess it would depend on what definitions and colloquial uses you prefer.

Regarding the Fed Serverve, the pros is we get a stable currency, regardless of whether big banks gamble with people's money and lose it all, or governments go on warring adventures and forget to actually pay for it. The cons is we get big banks and war-crazy governments with a no-limit credit card and no consequences like the kind these people deserve (those people really belong in jail). Since we don't feel the hurt, people in general don't seem to care much. So, I guess the answer to that is, do you prefer to have people insulated from the damage caused by their representatives and servicers (good), and as a result have them be apathetic to the actions of those bad people (bad), or do you prefer people to feel the full brunt of the actions cause by those bad people (bad), and force them to take notice and punish those a-holes (good).