this post was submitted on 29 Aug 2023
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Technology

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submitted 1 year ago by whou@lemmy.ml to c/technology@beehaw.org
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[–] HalJor@beehaw.org 4 points 1 year ago* (last edited 1 year ago) (1 children)

Fiat money via WIkipedia:

Fiat money can be:
* Any money that is not backed by a commodity.
* Money declared by a person, institution or government to be legal tender,[5] meaning that it must be accepted in payment of a debt in specific circumstances.[6]
* State-issued money which is neither convertible through a central bank to anything else nor fixed in value in terms of any objective standard.[7]
* Money used because of government decree.[2]
* An otherwise non-valuable object that serves as a medium of exchange[8] (also known as fiduciary money).[9]

Doesn't have to come from a government. Crypto is three of these. The article even starts with "Fiat money is a type of currency that is not backed by a commodity, such as gold or silver." Nothing about government there either.

[–] LootGoblin42@beehaw.org 1 points 1 year ago (1 children)

at this point we are just arguing over semantics.

[–] HalJor@beehaw.org 3 points 1 year ago

The differences and implications are important, and it's hard to make a convincing argument if your base premise is incorrect.