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Old 3rd July 2020, 02:21 PM   #632
The_Animus's Avatar
Join Date: Nov 2006
Posts: 3,258
Originally Posted by Roger Ramjets View Post
I did try panning for gold once (in 1970), but apart from that haven't mined anything. Nor have I ever bought 'crypto', stocks, or bonds. However I have used a few million dollars worth of fiat currency to purchase things.

You may have heard of it - very easy and fast transactions, stable price, secure, efficient, trustworthy and accepted pretty much everywhere. Also comes in a physical form for those times when you just want to make a quick payment without fiddling with electronic devices.
I have heard of fiat currencies. There are a lot of different ones. Some used far more than others. Over time they have been prone to many of the things you highlighted earlier such as offshore accounts, tax evasion, gambling, consumer loans, and speculation. I've heard there has been instances of fiat money becoming worthless practically overnight. I've also heard that these currencies and the exchanges between them have been manipulated in the past for personal profit at the expense of everyone else.

Mind you, I'm not against fiat currency, nor am I a bitcoin cheerleader. In fact from what I've seen maybe just one person in this thread could be reasonably considered a bitcoin cheerleader. I just find the constant predictions of its death and some of the arguments made against it to be a bit over the top.
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