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Damn... maybe crypto/blockchain isn't so bad (self.chat)

submitted 2 years ago by metaltoilet to c/chat

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I'm going to keep this short but I just fell down the rabbithole of crypto again and maybe it isn't as bad as I thought. Many of their ideas are very similar to the fediverse's. The idea of decentralized finance using a stablecoin sounds awesome to me. (though i'd much prefer to live in a world where money isn't needed) Maybe the technology is actually good but the techbros and scammers ruin it with their false promises and complicated words. Hopefully, in a few years after the rest of those scammers have moved on to scamming with AI this tech could be truly used for meaningful purposes.

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[–] doodimus 1 points 2 years ago

No that's not it, sorry. If you're genuinely interested in the actual meaning of fiat, and how it's different to currency that is pegged to a fixed quantity of some precious resource, a good place to start is wikipedia. One important distinction is that fiat money can be created or destroyed at the issuer's discretion. This is a big part of why most governments left the gold standard in the 20th century, and a big part of the motivation behind bitcoin and other cryptocurrencies.