[audunw]

Fiat as opposed to crypto currency? Crypto is the most fiat currency imaginable. I know crypto bros tries to redefine reality to trick people into thinking crypto is somehow tied to real tangible value, but it’s just not.

Non-fiat currency is physically tied to the creation of real-world value, like say mining gold which has thousands of real-world applications. Traditional fiat currencies are fundamentally designed to be a proxy for real world value. In a well designed system it’s most of its creation is tied to debt issues to, say a gold mine or an oil well or solar farm. Cryptocurrency is - in its utter insanity - fundamentally tied to the destruction of physical value. That is, burning electricity while creating nothing useful. So: more fiat than fiat. Another huge step removed from the creation of real physical valuables.

Traditional currencies are far more efficient and a basic necessity for the economy to function at all.

Cryptocurrency is fundamentally unsuited to become a real currency by its very design. Every one I’ve seen so far has been made by people who seem to lack even the most basic understanding of what the main origin of currency is. (Hint: it’s not metal coins..)

[johndevor]

> Traditional fiat currencies are fundamentally designed to be a proxy for real world value.

The US went off the gold standard in 1971. It's all just bullshit paper now. I'm not sure why you're talking about something that doesn't even exist today.

I'd love it if "traditional fiat" currencies existed as you describe, but they don't.

[rcxdude]

You seem to have completely misunderstood the poster. Gold-standard US-dollar is not a fiat currency, present-day US dollar is a 'traditional fiat'.

[johndevor]

Not really. Point still stands. Nothing like a traditional fiat exists today and his point is just wishful speculation.