All crypto is fiat. Which crypto has hard assets on deposit to back up its value. All the obscure value formulas used to support real value are ridiculous. It makes sense that the idea of cryptocurrency was ushered in by central bankers to familiarize the masses with the concept then introduce their own centralized digital currency.
Each KAU is backed by one gram of fine gold, and Each KAG is backed by one ounce of fine silver. Both are stored in fully insured and audited vaults, in your name.
Fiat equals able to produce more via printing..... this is not possible with certain crypto currencies....
If central bankers ushered it in, why did it start with a decentralized system....? You'd think they wouldn't introduce a piece of tech that is non centralized and out of their direct control...
No. Fiat currency means it is not backed by anything tangible. It's has value because various institutions SAY it has value (that is the "fiat" part). How more fiat currency is created has nothing to do with it.
The only currencies that have worked well historically for the long term have been backed by precious metals. Our current USD is called a "petro dollar" because it is backed by the value of oil... mainly due to Saudi Arabia agreeing to price their oil only in USD. That is how the USD became the world's reserve currency.
Catsfive clearly has his head up his ass regarding crypto... but he is not alone.
The simple fact that bitcoin can not be artificially inflated and is forever limited to the maximum 21 million coins is enough reason alone to make your statement that “all crypto is fiat” absolutely retarded :D
What makes gold valuable? It’s not that it’s pretty… it’s that it is not infinite… is expensive to obtain / extract it.
Bitcoin is no different….
Computers running 24/7 are hashing math calculations via sha256 algorithm… they have to get lucky to find the correct calculation and extract new some of the remaining unminted bitcoins from the max 21m.
This costs electricity.
This same process is what makes the network secure, decentralized, and accessible from anywhere in the world.
Bitcoin mining is effectively no different than mining for gold…. The key difference is bitcoin is actually usable and easy to transact globally than some gold nuggets are.
All crypto is fiat. Which crypto has hard assets on deposit to back up its value. All the obscure value formulas used to support real value are ridiculous. It makes sense that the idea of cryptocurrency was ushered in by central bankers to familiarize the masses with the concept then introduce their own centralized digital currency.
KAU and KAG are two, backed by gold and silver.
Each KAU is backed by one gram of fine gold, and Each KAG is backed by one ounce of fine silver. Both are stored in fully insured and audited vaults, in your name.
Fiat equals able to produce more via printing..... this is not possible with certain crypto currencies....
If central bankers ushered it in, why did it start with a decentralized system....? You'd think they wouldn't introduce a piece of tech that is non centralized and out of their direct control...
No. Fiat currency means it is not backed by anything tangible. It's has value because various institutions SAY it has value (that is the "fiat" part). How more fiat currency is created has nothing to do with it.
The only currencies that have worked well historically for the long term have been backed by precious metals. Our current USD is called a "petro dollar" because it is backed by the value of oil... mainly due to Saudi Arabia agreeing to price their oil only in USD. That is how the USD became the world's reserve currency.
Catsfive clearly has his head up his ass regarding crypto... but he is not alone.
The simple fact that bitcoin can not be artificially inflated and is forever limited to the maximum 21 million coins is enough reason alone to make your statement that “all crypto is fiat” absolutely retarded :D
What makes gold valuable? It’s not that it’s pretty… it’s that it is not infinite… is expensive to obtain / extract it.
Bitcoin is no different….
Computers running 24/7 are hashing math calculations via sha256 algorithm… they have to get lucky to find the correct calculation and extract new some of the remaining unminted bitcoins from the max 21m.
This costs electricity.
This same process is what makes the network secure, decentralized, and accessible from anywhere in the world.
Bitcoin mining is effectively no different than mining for gold…. The key difference is bitcoin is actually usable and easy to transact globally than some gold nuggets are.
I thought gold was valuable because it doesn't oxidize, it has staying power.
That definitely is one of the traits that make it valuable
But I think the most impactful one is the fact that it fairly rare and expensive to create it
Utterly shit, retarded take.