Replying to Avatar Fiat Shenanigans 🤡🌎

The USD has not been backed by anything since they suspended gold redemptions.

We've been experimenting with currency value based purely on supply and demand for decades now.

The difference with Bitcoin is that the supply side economics are a known and predictable factor.

I can't predict the future, but I do know that nobody will ever be able to debase the value of my savings by printing more money because I save in Bitcoin.
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Mycelial 2y ago

You mean we've been experimenting with "value by decree" and manufactured supply and demand.

Bitcoin is still supply and demand.

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Fiat Shenanigans 🤡🌎 2y ago

Everything is ruled by the forces of supply and demand. Supply / demand = value is as fundamental as a law of physics.

When the USD was linked to gold in value its value was affected by the forces of supply and demand in the gold market.

The trouble with a fiat currency not linked to anything physical is that the supply factor can be arbitrarily tweaked by humans.