Replying to Avatar Max

I understand your narrative, but that's not correct in a rigorous analysis.

Fiat paper does not represent a promise, it's not backed by anything, you cannot redeem it for anything.

It's the equivalent to gold, or bitcoin, a stupid rock without liabilities or responsibilities.
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ponymontana💜⚡ 1y ago

dont agree, paper fiat are based on the promise that you will exchange it fro goods and services. The difference with gold and bitcoin is that you have a natural expectation of exchanging them for good and services in future based on their property and phisical laws;

with paper fiat the expectation is based on an artificial gun enforced centralized power that promise you to maintain power and dont fuck up all. And most of fiat promise are been already broken, all of them will be broken at some point.

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Max 1y ago

I'd say this isn't correct either, saleability is neither a promise nor a contract.

I'd suggest reading What Has The Government Done To Our Money by Rothbard,

https://mises.org/library/book/what-has-government-done-our-money

And The Ethics of Moneyproductuon by Hülsmann.

https://mises.org/library/book/ethics-money-production