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Topic: Gobry's Forbes article and Bitcoin as Fiat - page 3. (Read 6063 times)

legendary
Activity: 1008
Merit: 1023
Democracy is the original 51% attack
January 09, 2013, 11:42:41 AM
#1

Pascal-Emmanuel Gobry wrote yesterday for Forbes that “all money is fiat money.” He mentioned Bitcoin, lumping it in with government paper, and tide laundry detergent, claiming every form of money is, in fact, fiat, because all money is "valuable because we agreed upon it."

I think this is a long-standing myth about the nature of money, so I addressed it at our blog:

Gobry's Forbes article...
http://www.forbes.com/sites/pascalemmanuelgobry/2013/01/08/all-money-is-fiat-money/

And our response...
http://blog.bitinstant.com/blog/2013/1/9/all-money-is-not-fiat-money.html
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