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by iagovar 1956 days ago
But fiat has taxes, and state-backed violence and jails.

If your state demands your taxes be paid in FIAT, no matter what you wan't, you'll be paying in FIAT (or fined, or in jail, or depending on the circunstances maybe dead).

2 comments

Say someone wealthy wants to escape the taxman and spends all their fiat buying things that "have value as long as people believe it has value", like land, stocks, jewelry, art works, antique cars.

When the taxman comes knocking on their door, do you think this person will escape by saying "sorry, I don't have fiat available to pay for the taxes, come back next year!"? No, the taxman will respond by either seizing their assets or forcing the person to liquidate into fiat.

What makes Bitcoin (or crypto) different in that regard?

What's with the capitals? The "fiat" in "fiat money" is neither an acronym nor an Italian automobile manufacturer. (The Italian automobile manufacturer, OTOH, is an acronym, just like "OTOH". One stands for "on the other hand"; the other for "Fabricca Italiana de Automobili, Torino".)