The author is certainly out of her area of expertise, she is not only off about BTC but also about fiat.
But so what, CC is so nascent we have to accept this sort of thing from the wider world.
This is why we must continue to make connectors, businesses that connect the CC universe with the fiat world. Instead of making things that are only suited for the CC world.
PICISI is one such vehicle, it will allow those seeking crowd funding to collect donations in fiat AS WELL AS in CC (any CC or CC token). When someone gets a donation, they don't have to download a wallet, read up on the specific currency, or speak fluent CC, there will be enough info to enable them to know the funds are spendable (like the green stamps in the article) and they could look more into it if they wish. That gentle CC immersion is probably the better way of introducing our technology (CC) to the fiat world.
Topic: [2015-03-08] Forbes: A Few Words About Bitcoin...Because Fiat Is Not Just A Car (Read 2477 times)
March 10, 2015, 06:24:52 PM
March 10, 2015, 04:00:16 AM
To me and many others, Fiat CANT be limited in supply. Its not how we define it. Go ahead and call it a goose if you like.
Ok. The expression gets it's meaning from the meaning of the word "fiat", which is: "let it be so".
So there's no reason why a currency that has been imposed on a group of people who trade could not be limited in supply, it's just that the people doing the imposing don't tend to do that in practice.
March 09, 2015, 07:14:43 PM
Not one in a million understand fiat money, this one no exception 
It is a good start to make the question: What is fiat money? But then on her journey she will be confused by so many terms and theories that banks invented in past several centuries and eventually lost her way
It is a good start to make the question: What is fiat money? But then on her journey she will be confused by so many terms and theories that banks invented in past several centuries and eventually lost her way
March 09, 2015, 05:12:55 PM
Because they are based on the definition in books which was written at a time when nobody in the academic community could conceive that anybody would use non government money which is backed by nothing.
You seem to accept the fact that there are only 3 types/definition of money:
- fiat money
- commodity money
- representative money
and you try to fit bitcoin into one of those categories. If there are only those 3, then maybe 'fiat money' is the only one that Bitcoin can somehow be fitted in.
But, as you noticed, that division was created long before anyone even thought of Bitcoin. The logical way, would be just to add another, suitable category ("cryptocurrency"?) rather than doing linguistic stunts of stretching the meaning of 'fiat'.
March 09, 2015, 03:07:51 PM
Hahaha what a terrible joke with the Fiat cars.
Couldn't he just associate it with the original Latin word?
I hadn't realized bitcoin had brought the term back into use, though, thought it was common vocabulary of traders.
Couldn't he just associate it with the original Latin word?
I hadn't realized bitcoin had brought the term back into use, though, thought it was common vocabulary of traders.
March 09, 2015, 02:56:11 PM
Like it or not, fiat is the best fit. The only reason why you want it to be otherwise is your hatred to everything traditional fiat currencies represents.
Myself, I think of it as being about the definition of the expression "fiat currency". Yours (and that of where/whoever you may have got it from second hand) is wrong
March 09, 2015, 02:42:59 PM
Nope where did you get that idea?
In the Talk page, like I said?Investopia also says the same thing. So does many other sites.....
Because they are based on the definition in books which was written at a time when nobody in the academic community could conceive that anybody would use non government money which is backed by nothing.Bitcoin was never once defined as fiat money. Most idiots think no intrinsic value + used by a group of ppl = fiat.
Like it or not, fiat is the best fit. The only reason why you want it to be otherwise is your hatred to everything traditional fiat currencies represents. Well, just think of Bitcoin as the fiat that can outcompete all other fiats. 
March 09, 2015, 10:13:04 AM
The point is, I didn't expect such stuff from Forbes.
Even if the journalist did write such stuff, the editor or reviewer should have spotted it.
Bitcoin is the antithesis of fiat.
Even if the journalist did write such stuff, the editor or reviewer should have spotted it.
Bitcoin is the antithesis of fiat.
March 09, 2015, 08:02:14 AM
Consensus - General agreement amongst a community who told the king to buzz off.
The voyage of the Pilgrim Fathers and the establishment of the US dollar were not the same event.
March 09, 2015, 07:16:53 AM
I'd think we'd be hard pressed to identify the person in authority who created the US dollar.
Use the internet, it will tell you.
In fact, I'd think the British would have considered the USD consensus money when it was first established.
You need to look up consensus in the dictionary also.
Consensus - General agreement.
Expanded by me...
Consensus - General agreement amongst a community who told the king to buzz off.
I think I knew that definition well enough.
TT
March 09, 2015, 07:12:06 AM
I'd think we'd be hard pressed to identify the person in authority who created the US dollar.
Use the internet, it will tell you.
In fact, I'd think the British would have considered the USD consensus money when it was first established.
You need to look up consensus in the dictionary also.
March 09, 2015, 06:59:44 AM
I'm not a very smart person I guess, because I had to look up the definition of edict.
Edict: an official order or proclamation issued by a person in authority
I'd think we'd be hard pressed to identify the person in authority who created the US dollar. In fact, I'd think the British would have considered the USD consensus money when it was first established.
TT
Edict: an official order or proclamation issued by a person in authority
I'd think we'd be hard pressed to identify the person in authority who created the US dollar. In fact, I'd think the British would have considered the USD consensus money when it was first established.
TT
March 09, 2015, 06:23:34 AM
Easy.
Bitcoin: consensus money
Fiat: edict money
Hence, Bitcoin is not fiat.
Bitcoin: consensus money
Fiat: edict money
Hence, Bitcoin is not fiat.
March 09, 2015, 05:59:26 AM
Definitions are often revised throughout history, and I'm not sure who is using the correct definition, but to me, bitcoin as always seemed like the anarchist's fiat.
In the beginning of the article, the author defines fiat as this:
Start with what fiat currency is. It is actually “money” that a government, or group of people, decides has value.
Bitcoin has value because we the people say it does, so maybe it is actually fiat?
TT
In the beginning of the article, the author defines fiat as this:
Start with what fiat currency is. It is actually “money” that a government, or group of people, decides has value.
Bitcoin has value because we the people say it does, so maybe it is actually fiat?
TT
March 09, 2015, 05:41:11 AM
Didn't know that. But the fact it has been edited doesn't mean it's incorrect. The Wikipedia entry is the top google search result for 'fiat money', the 2nd is investopedia definition, which essentially says the same:
And if she disagree with that definition, why wouldn't she link to some more reliable one, if there is any.
I don't know if investopedia is a wiki or not, but wikis can be edited by the general public, so when talking about a single word in a single language, why not go back to an actual dictionary? From reference.com:Quote
Currency that a government has declared to be legal tender, but is not backed by a physical commodity.
http://www.investopedia.com/terms/f/fiatmoney.aspAnd if she disagree with that definition, why wouldn't she link to some more reliable one, if there is any.
Quote
fi-at
[fee-aht, -at; fahy-uh t, -at]
noun
1. an authoritative decree, sanction, or order:
"a royal fiat."
Synonyms: authorization, directive, ruling, mandate, diktat, ukase.
2. a fixed form of words containing the word fiat, by which a person in authority gives sanction, or authorization.
3. an arbitrary decree or pronouncement, especially by a person or group of persons having absolute authority to enforce it:
"The king ruled by fiat."
British Dictionary definitions for fiat
fiat
/ˈfaɪət; -æt/
noun
1. official sanction; authoritative permission
2. an arbitrary order or decree
3. (mainly literary) any command, decision, or act of will that brings something about
[fee-aht, -at; fahy-uh t, -at]
noun
1. an authoritative decree, sanction, or order:
"a royal fiat."
Synonyms: authorization, directive, ruling, mandate, diktat, ukase.
2. a fixed form of words containing the word fiat, by which a person in authority gives sanction, or authorization.
3. an arbitrary decree or pronouncement, especially by a person or group of persons having absolute authority to enforce it:
"The king ruled by fiat."
British Dictionary definitions for fiat
fiat
/ˈfaɪət; -æt/
noun
1. official sanction; authoritative permission
2. an arbitrary order or decree
3. (mainly literary) any command, decision, or act of will that brings something about
IOW, we are all talking about "fiat money" / "fiat currency" and using "fiat" as an adjective even though it isn't per those dictionary records (I copied and pasted all definitions, there was no adjective form). Nonetheless, based on (presumably most English) dictionaries, her definition is clearly wrong.
March 09, 2015, 04:19:01 AM
What's funny, is that "fiat currency" is linked to wikipedia entry, where the very first sentence goes:
http://en.wikipedia.org/wiki/Fiat_money
Quote
Fiat money is currency which derives its value from government regulation or law.
proving her definition incorrect.http://en.wikipedia.org/wiki/Fiat_money
But then the Wiki article has been edited by Bitcoin fans specifically so that the definition would exclude Bitcoin. There is a thread about it in the Talk page. The article also says that the alternatives are commodity money and representative money, which fits even less.
Didn't know that. But the fact it has been edited doesn't mean it's incorrect. The Wikipedia entry is the top google search result for 'fiat money', the 2nd is investopedia definition, which essentially says the same:
Quote
Currency that a government has declared to be legal tender, but is not backed by a physical commodity.
http://www.investopedia.com/terms/f/fiatmoney.aspAnd if she disagree with that definition, why wouldn't she link to some more reliable one, if there is any.
March 09, 2015, 03:57:52 AM
What's funny, is that "fiat currency" is linked to wikipedia entry, where the very first sentence goes:
http://en.wikipedia.org/wiki/Fiat_money
Quote
Fiat money is currency which derives its value from government regulation or law.
proving her definition incorrect.http://en.wikipedia.org/wiki/Fiat_money
But then the Wiki article has been edited by Bitcoin fans specifically so that the definition would exclude Bitcoin. There is a thread about it in the Talk page. The article also says that the alternatives are commodity money and representative money, which fits even less.
March 09, 2015, 02:32:01 AM
Nice to see Forbes writing articles about Bitcoin.
But this I just don't get.
Bitcoin is a fiat currency?
But this I just don't get.
Quote
The newest fiat currency on the market today is Bitcoin, which I have written about. If you want to make it simple for your children and grandchildren, explain that Bitcoin is an online payment system that can be used directly without a central administrator, like a government body, and has no law enforcement. It is called a virtual currency, which means there is no physical tender.
Bitcoin is a fiat currency?
She (the author) tried to fit Bitcoin into her own fiat definition:
Quote
Start with what fiat currency is. It is actually “money” that a government, or group of people, decides has value.
What's funny, is that "fiat currency" is linked to wikipedia entry, where the very first sentence goes:
Quote
Fiat money is currency which derives its value from government regulation or law.
proving her definition incorrect.http://en.wikipedia.org/wiki/Fiat_money
March 08, 2015, 09:07:52 PM
Nice to see Forbes writing articles about Bitcoin.
But this I just don't get.
Bitcoin is a fiat currency?
But this I just don't get.
Quote
The newest fiat currency on the market today is Bitcoin, which I have written about. If you want to make it simple for your children and grandchildren, explain that Bitcoin is an online payment system that can be used directly without a central administrator, like a government body, and has no law enforcement. It is called a virtual currency, which means there is no physical tender.
Bitcoin is a fiat currency?
Journalism at its best
But its not a surprise to hear a mistake like that from a news reporter, when u talk about non government issued, decentralised peer-to-peer currency a lot of
people wont have a slightest idea what ure talking about.
I like it when people tlk about future generations when talking about bitcoin, it really makes u a part of some revolution
cheers
March 08, 2015, 07:56:05 PM
Nice to see Forbes writing articles about Bitcoin.
But this I just don't get.
Bitcoin is a fiat currency?
But this I just don't get.
Quote
The newest fiat currency on the market today is Bitcoin, which I have written about. If you want to make it simple for your children and grandchildren, explain that Bitcoin is an online payment system that can be used directly without a central administrator, like a government body, and has no law enforcement. It is called a virtual currency, which means there is no physical tender.
Bitcoin is a fiat currency?
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