The first Nostrich who will tell why the value of fiat currencies is still enormous at the present time will receive 2000 sats ⚡️
[801861]
Discussion
🙊
Trust
🤡🌍
They're all going down together at relatively similar rates, hiding the value degradation. It's a coordinated Keynesian psyop from the top.
Standard zap as i agree ⚡️
[801861]
Because most people don’t know what money is.
I will still standard zap if i agree and the answer is not quite what i'm looking for ⚡️
[801861]
Because most people believe in an illusion. All it will take is the right number of people to stop believing in fiat, and it will be over. I believe we are in a process of this now. How long it will take? I don't know. I don't enjoy seeing the 'price of Bitcoin' how can you price something so valuable in something that is less than valuable? 🙃
Certainly the right take but you still underestimate fiat ⚡️ zapped for that
[801863]
People have faith on it, and it's a selffulfilling prophecy once you have all the economists promoting the wrong ideas to support it. And also belic power to frustrate anyone wishing to defy it, while making everybody believe it's for our own good, and those who defy it are bad and terrorists. It's a huge story telling machine.
It’s the most widely used medium for the exchanging of goods and services.
True but there is more to it 🤙🏻
[801874]
Bear with me, it’s a little long but I promise it’s worth it. (Skip to 1️⃣, 2️⃣, 3️⃣,💡and🔥 for the answer.)
First things first, a little economics lesson (for your normie readers) to establish my points :
📚Fiat is currency that derives its value from supply and demand, not an underlying physical commodity. The value of fiat money is determined by the government that issues it, and it retains its value through the stability of the government and the national economy. Fiat money is not backed by a physical commodity such as gold or silver and it has no intrinsic value. The value of fiat money is largely based on the public's faith in the currency's issuer, which is normally that country's government or central bank.
It is still extremely valuable (for the sake of this post) because:
1️⃣ it is the most cost-efficient currency to produce especially compared to a currency directly tied to a commodity,
2️⃣ it is extremely elastic (AKA manipulatable) and the supply can easily be adjusted/manipulated by central bankers, along with the interest rates to borrow said currency and
3️⃣ Fiat is highly portable and can be easily exchanged for goods and services due to its established reputation and existing relationships with government, tech and exchange rates making it an ideal medium of exchange.
💡However, the biggest reason it’s still so valuable is because the average joe either doesn’t know a better alternative exists yet and/or they are too lazy to put in the time to figure it out/switch over. Also, they can’t see through the foggy mirror of the existing system because of the illusion of time and recency bias, inflation slowly erodes wealth so the average person up to now doesn’t notice it, though it will get faster and more noticeable the closer we get to hyperinflation.
🔥All it takes is for the trust in the existing (dishonest/infinite) ledger to switch over to an honest, immutable, equitable and globally distributed one. Once the scale tips in the direction of #Bitcoin there will be no going back.
nostr:npub1du8vg3lqmfddfwdr52h08etty3speg45dttmyvup6x2pqq5jxf6qdhu524 Did I overwhelm you with the response?😂 sorry it’s so long, I got carried away up late that night🤙🏼
No Sarge 🫡 a good read for everyone.
[802253]