Fiat is a Digital currency without Value - page 2.

imstillthebest

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Quote from: CHENIEN on June 06, 2020, 07:27:10 AM

On my own opinion previously many of us has started using with a different kinds of coins before paper money was probably discovered as fiat currency but it doesn't mean that it is a digital so actually on trading standards people used this vice versa until now during this new generation and usually to the market, I think as respect to our mentor no need to eliminate paper money from the list because it is also have a good value and center of attraction like Bitcoin .

coins started right after fiat money or banks were discovered because they are the ones that issued those but before these things exist , people use barter .

its like trading using useful items . paper or fiat money have a different value . it can be a good value or not depending on how rich the country but the value cant really be high enough as we seen on bitcoin and cryptos . they arent also the center of attraction because they arent new but bitcoin is .

palle11

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Quote from: Wenbing on May 21, 2020, 12:06:38 PM

Who will be an umpire of a decentralized system of blockchain when used as an election technology?

This is really a deep reasoning. But the issue is we can still relate it to btc transaction or transfers incase anything goes wrong with it or if anything has gone wrong with it if the fees are taken care of, addresses are proper and coin sent to wallet destination ? Therefore, all things going smooth, blockchain is likely not to fail. It delivers as expected.

CHENIEN

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Decentralized Ascending Auctions on Blockchain

On my own opinion previously many of us has started using with a different kinds of coins before paper money was probably discovered as fiat currency but it doesn't mean that it is a digital so actually on trading standards people used this vice versa until now during this new generation and usually to the market, I think as respect to our mentor no need to eliminate paper money from the list because it is also have a good value and center of attraction like Bitcoin .

Reid

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Worse fear is the imitation of bitcoin rather than them creating their own digital currencies.

They could do all they can to create more but there is one truth about it.
Control. Centralized.
Unlike bitcoin, they want to monitor everything that will be bought and sold.
It's freaking scarier than having a fiat. You can save money without anyone noticing it.

Attacks with bitcoin will happen more as years goes by.
Fiat though will always have its value as long as there is a soul believing it. Grin

Janation

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Quote from: oleg8791 on May 31, 2020, 02:30:06 AM

Well, Bitcoin has no intrinsic value too. What makes Bitcoin valuable is our desire to use and accept it.

It is the same as the fiat currenccy since, without the trust of the people, it will have no value. I guess this statement really answered this thread and we don't really need to discuss it further.

Quote from: davis196 on May 30, 2020, 05:59:31 AM

I would rate this article 4 out of 10.Nothing new to learn,just a bunch of old cliches about fiat currencies and Bitcoin.Fiat currencies clearly HAVE value.If they were worthless,nobody would use them and we could just burn them like ordinary paper.Anyway,I've said this many times before and I'll say it again:
-Gold is just a shiny metal
-Bitcoin is just a piece of programming code.
-Fiat money are just pieces of paper with pictures and symbols on them.
What gives value to those three worthless things is the TRUST people have in them as a store of value and medium of exchange.If the trust of the people is gone,all the value of those three things would be gone as well.

oleg8791

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Well, Bitcoin has no intrinsic value too. What makes Bitcoin valuable is our desire to use and accept it.

verita1

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The banking system is already obsolete, even in the most important banks in the world. JPM was bold when creating his coin, because it was already evident that bitcoin and cryptography was showing him that managing fiat was already difficult for its users. Only I see that the world's governments are implementing very high taxes to manage bitcoin.

Petryakov

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Quote from: SquallLeonhart on May 30, 2020, 10:36:33 AM

Fiat is not really a "digital" currency as much as we think, there is paper trail for almost all fiat currency, sure not derivatives or anything of sorts, but regular money that you and I spend is usually paper trailed and even if you are mostly using banks and so forth and digitally thanks to your card you spend it somewhere and that money in your bank account moves to someone elses bank account and that is how most transactions are these days.

Hence I understand why you might think its digital, but in reality you could also withdraw that money in paper form and you could pay that way, which means its not purely digital. Stablecoins are a different breed, if one day governments decide to create their own digital currencies (stable coins) that would change soooo many things in world.

You cannot actually cash out of all bank accounts, because there is much less cash that the entire money supply. Modern credit money are purely digital indeed.

SquallLeonhart

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Fiat is not really a "digital" currency as much as we think, there is paper trail for almost all fiat currency, sure not derivatives or anything of sorts, but regular money that you and I spend is usually paper trailed and even if you are mostly using banks and so forth and digitally thanks to your card you spend it somewhere and that money in your bank account moves to someone elses bank account and that is how most transactions are these days.

Hence I understand why you might think its digital, but in reality you could also withdraw that money in paper form and you could pay that way, which means its not purely digital. Stablecoins are a different breed, if one day governments decide to create their own digital currencies (stable coins) that would change soooo many things in world.

Lizzylove1

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It's wrong to classify fiat as a digital currency without value. Fiat is never a digital currency, it's available as a physical substance that can be touched exchange and stored physically. Technology has made it possible to be exchanged online.

danherbias07

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I understand he want to promote bitcoin which is lovely.

But we cannot deny the truth that fiat is still the number 1 used all over the world.
As to why? It is the easiest path to buy something out of just a piece of paper.

Fiat has a value, we cannot say it doesn't have or we will lose the capability to use it.
Even if there is nothing backing it up.
Can you buy Snickers for a piece of leaf? or a simple blank paper?
The value is the creation of it which is (should be) limited.

Latviand

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Quote from: Febo on May 30, 2020, 06:14:53 AM

Quote from: Yourhomeboy on May 21, 2020, 06:09:45 AM

Fiat is a Digital currency without Value

Everything has a value. Some things have so low value that is close to zero. Value gets set on the market by supply and demand. Things with low value have big supply and low demand for it. Things with high value have low supply and demand for it.

That's right, even a certain trash can have a value once you recycle them or sell it to the junk shop. Don't underestimate things if it has a value or not, there are things in the world that you think it don't have any value at first but it have. Just like fiat, many people are using this in many transactions, many people are engaging in using fiat and also with cryptocurrency because they know that both of it have value in the market.

Quote from: Febo on May 30, 2020, 06:14:53 AM

Fiat have value as anything else.

If you think that fiat don't have value, then don't use paper money, don't use physical money in your transaction and use it as a mode of payment. If you don't believe on fiat, then stop using also cryptocurrency because other cryptocurrency only depends on the price in terms of fiat. Fiat is one of the most essential currency before bitcoin, there are things that the fiat can do and not the bitcoin.

Febo

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Quote from: Yourhomeboy on May 21, 2020, 06:09:45 AM

Fiat is a Digital currency without Value

Everything has a value. Some things have so low value that is close to zero. Value gets set on the market by supply and demand. Things with low value have big supply and low demand for it. Things with high value have low supply and demand for it.

Fiat have value as anything else.

davis196

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I would rate this article 4 out of 10.Nothing new to learn,just a bunch of old cliches about fiat currencies and Bitcoin.Fiat currencies clearly HAVE value.If they were worthless,nobody would use them and we could just burn them like ordinary paper.Anyway,I've said this many times before and I'll say it again:
-Gold is just a shiny metal
-Bitcoin is just a piece of programming code.
-Fiat money are just pieces of paper with pictures and symbols on them.
What gives value to those three worthless things is the TRUST people have in them as a store of value and medium of exchange.If the trust of the people is gone,all the value of those three things would be gone as well.

plast555

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Quote from: Sanugarid on May 23, 2020, 12:18:12 PM

Quote from: skarais on May 22, 2020, 12:15:11 PM

Quote from: sunsilk on May 22, 2020, 10:24:59 AM

The title you indicated and the description that was said for fiat contradicts.

We would love to call this a misleading title. Tongue

Quote from: Yourhomeboy on May 21, 2020, 06:09:45 AM

~~~
So my fear is the government taking over the blockchain technology.
In conclusion, what will happen if the government takes over the blockchain technology and also the future of the lightning network to bitcoin?

Can we identify that the government really wants to do it ?

I thing what he means is that, the government are already stepping into blockchain technology these days and he's worried that they would start introducing new centralize coins that will counter the bitcoin.

Quote from: skarais on May 22, 2020, 12:15:11 PM

Blockchain is a decentralized, distributed and public digital ledger that is used to record transactions on many computers so that these records cant be changed retroactively without changing all subsequent blocks and consensus in the network. ¹. Basically, I dont think that the government can take over this decentralized technology but they can still adopt technology based on needs.

I know we are all aware of what blockchain is, but what we must understand is that blockchain is applicable to every field and the government knows about it so they are reaching it now. There have been countries that is already having a test with central banking digital currency which might be out in the next 2 to 3 years. If we are looking for a digitalization then don't need to argue about it with bitcoin, coz bitcoin is different.

The government launching crypto will also a fiat currency controlled by the government which is similar to paper fiat those of need a decentralized currency will always stick to the BTC and other cryptos. BTC has become a universal currency whereas each government will push for there own crypto again the same issue of crypto-forex plays a vital role

Sanugarid

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Quote from: skarais on May 22, 2020, 12:15:11 PM

Quote from: sunsilk on May 22, 2020, 10:24:59 AM

The title you indicated and the description that was said for fiat contradicts.

We would love to call this a misleading title. Tongue

Quote from: Yourhomeboy on May 21, 2020, 06:09:45 AM

~~~
So my fear is the government taking over the blockchain technology.
In conclusion, what will happen if the government takes over the blockchain technology and also the future of the lightning network to bitcoin?

Can we identify that the government really wants to do it ?

I thing what he means is that, the government are already stepping into blockchain technology these days and he's worried that they would start introducing new centralize coins that will counter the bitcoin.

Quote from: skarais on May 22, 2020, 12:15:11 PM

Blockchain is a decentralized, distributed and public digital ledger that is used to record transactions on many computers so that these records cant be changed retroactively without changing all subsequent blocks and consensus in the network. ¹. Basically, I dont think that the government can take over this decentralized technology but they can still adopt technology based on needs.

I know we are all aware of what blockchain is, but what we must understand is that blockchain is applicable to every field and the government knows about it so they are reaching it now. There have been countries that is already having a test with central banking digital currency which might be out in the next 2 to 3 years. If we are looking for a digitalization then don't need to argue about it with bitcoin, coz bitcoin is different.

DoublerHunter

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^ It is really possible for the government to take the blockchain technology and lightning network especially if this is the only way for the government to have full control in cryptocurrency or bitcoin. If the government will divert or at least adopt the usage of bitcoin as another medium for exchanges then surely they will do that but with at least a minimal up to the full control on it because the economy's growth still relies on the exchanges that every citizen do on a daily basis. Nevertheless, the value that will be attached to bitcoin will no longer be gold or silver but instead it will be the USD that will identify its' value.

bits4books

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Crypto is not a religion but i like it

Again there is confusion between the field and the arable land.
BTC is not super-popular but it is mainstream in the crypto community and this is a fact. But the crypto community is not as big as you would like.
Yes, Fiat money in our time is not baked by gold but this does not mean that Fiat can be compared with btc in the sense that both of them are worth nothing.
As Fiat is secured by the power and influence of the state so btc is secured by the belief in it and the fact that this coin can be used to bypass the state. There is no other "security" and it is unlikely to be any more.

sunsilk

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Quote from: skarais on May 22, 2020, 12:15:11 PM

Quote from: sunsilk on May 22, 2020, 10:24:59 AM

The title you indicated and the description that was said for fiat contradicts.

We would love to call this a misleading title. Tongue

Yeah, definitely.

Quote from: mlmdaily on May 22, 2020, 11:40:56 AM

Actually every currency in our days dont have real value. It all based by trust and reputation

And that says for the fiat because we trust the government and the reputation they have can't be stained in terms of monetary system. They declare whichever have the value and how much it will be. But bitcoin is a different thing from the traditional cash that we have which the value was made by them.

Upgrade00's explanation said it clear how's bitcoin value/cost is made.

Upgrade00

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Quote from: mlmdaily on May 22, 2020, 11:40:56 AM

Actually every currency in our days dont have real value. It all based by trust and reputation

I would argue that a product can have value by virtue of it's cost of production, this is the cost-of-production theory of value. Bitcoin is not just minted at a bank, rather it is mined through work done.
It is also built on the blockchain technology, which gives it other desirable features like, immutability, trustless transactions, anonymity, decentralization which gives the currency value.

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