adoni, you are a fool.
im sorry but i have watched you log out then your sock puppet log in, reply and log out, then guess what your other sockpuppet logged in and replied and then logged out.. seriously stop talking to yourself to appear what you have to say is correct.
FIAT cant be made by random people, otherwise many things would be a fiat. FIAT does not mean currency. currency can be anything used as a bartering tool.. ANYTHING, but fiat is a subset.. a sub category of currency. which has been authorized by a higher authority.
for instance your middle ages sticks and sea shells. the sticks were authorized by kings. the seashells were authorized by the village elders.. research it. now if a farmer swapped his wheat with the blacksmith to repair the farmers horse's shoe, and the farmer swapped his wheat with the butcher for some beef. this is not fiat. even if the whole village receives wheat for whatever purpose and swapped it around..
ok so now imagine it wasnt wheat, but the farmer while ploughing the field, found some nice shiny stones. and he said this stone is worth a days worth of labour/material. he isa lowly farmer not the towns king, so even if the peasants traded these stones. the king did not authorise it. again making the stone not a fiat.
a fiat is a decree, a formal declaration, it can't be made by common man who has no authority.(read the dictionary once in a while it will help you)
so if i personally was to say lets start trading bottle caps.. because i have no authority over you, it is not a FIAT.
bitcoin is not a FIAT.. not yet anyway. not unless its given a proper stamp of approval by leaders of your country. bitcoin is at the moment just a asset currency that is bartered between people. though some countries or state authorities are legalising it, which is when it would be considered fiat. (california passed the legislation to legalise it for instance)
look i know your trying to act smart to get people to buy your book. but it seems your lacking a thing called 'enthusiasm' as you do not seem to want to learn something new or do research, instead if someone gives you criticism you do not check out or research the plausibility that your theory may have flaws. but instead you call people morons and stupid..
really.. do some research next time
so lets translate the passage into some correct english
Like the U.S. dollar, the Bitcoin is a fiat currency in that it is not redeemable for some amount of another commodity, such as an ounce of gold. Unlike the dollar, a Bitcoin is not legal tender nor is it backed by any government or any other legal entity, nor is its supply determined by a central bank.
Like the U.S. dollar, the Bitcoin is a
fiat asset currency in that it is not redeemable for some amount of another commodity, such as an ounce of gold. Unlike the dollar, a Bitcoin is not legal tender nor is it backed by any government or any other legal entity, nor is its supply determined by a central bank.
thus not FIAT, because it lacks decree