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I would say that paper currency is the greatest scam ever to enslave mankind.

Bankers charge interest for a thing which has been created out of thin air.

The paper currency gradually decreases in its value due to inflation over time.

So naturally people tend to move towards cryptos which are free from inflation and the bankers and big economists once again want to pull back people to the traditional enslaving system.

Now the choice is yours.

Enslavery or Financial Freedom?

Think Wise and Twice.

There also in crypto, there's scam
Haven't you been scammed before.
Well i've been scammed many times.

I fully support the creator of this article! By itself, bitcoin appeared after people were tired of enduring! In all countries, a machine is turned on and new money is printed, thereby inflation takes place, thereby becoming more expensive, thereby depriving people of their money! already there are few countries where paper money is equal to the amount of gold! Bitcoin will never be a classic paper money system!

You mean fiat money in general, paper money is not created out of thin air.

To my best knowledge, there's 20 times more fiat than paper money.

This thread kinda belongs to the "Economy" sub-forum,because it`s not about bitcoin.
OP,you say that paper/fiat money are created out of thin air.There are 10 times more people,who say that bitcoin and all the cryptocurrencies are created out of thin air.Who is right? ;D
The low level of inflation can help the economy to grow,so inflation isn`t always bad.

well fiat money was the greatest invention back on that year. Now crypto us the new way of doing transaction but i dont think it crypto dont have inflation. Inflation is caused by many factor and we human who life in the world of limited resources so i believe even though cryptocurrency could replace fiat money there is no way to make inflation disappear.

1 - if that was true, cryptos would be in the constant uptrend, but somehow that's not the case. People tend to choose safer means of storing their wealth.
2 - not every crypto is inflation-free, having small inflation has a lot of benefits.
3 - Bitcoin has deflationary design in the long run, but as of now, new coins are created every ~10 mins + BTC value has been dropping constantly for the last few months, so keeping your wealth in reasonably inflated fiat was much better choice.

Why did you decide that paper money is created from the air? The essence of money is to resolve the contradictions between value and consumer value.They have a universal equivalent. This equivalent is the ability of Fiat money to be exchanged for any product or service.Fiat is also a commodity. They lay the work of the people who produce it..And like every product it has its cost.It is the cost of electricity equipment materials for the production of Fiat money. If you think that paper money is created from the air then this is a profound misconception!

To be honest I haven't seen paper money for a long long time. Its just tap and go now...Soon it will be tap and go with crypto, hopefully.

Everyone now speaks the same thing about the crypto currency, but they do not understand that in fact the crypto currency has much more opportunities and fewer shortcomings. It is very difficult for people to understand all this.

Yes. I agree with your opinion. But that does not mean I'm saving paper money. I think its management system (human, technology, etc.) is vulnerable to bad things.




I think you misunderstood this opening thread.
Simply put, one example when we save money in Bank how much monthly fee they charge? and other costs. Currency (Fiat and Crypto) has nothing to do with the scam. A scam is one's actions. Anyone can act scam either using crypto or fiat.

Everyone understands all the advantages of cryptocurrencies. But government will never allow to get around govermental taxes.

Absolutely financial freedom.

They can printing it anytime, if we try to see that based on the actual usage of fiat money and it has nothing to do rather than become a direct payment system. I think the traditional system such as paper money will die soon.

So, who are those bankers that invented paper money?
Where they the Ro Wu Chi Ids or the Bil Den Xings, as I can't really make the signature on this thing
https://i.imgur.com/Ujp5UGl.jpg


Great words from somebody who can't spot the difference between fiat money and paper money.


And sorry to burst your bubble but about 1% move to cryptos because of this, rhe rest is all about money, bounty, moon, invest 1$ and get 1 million by Christmas.
Besides, BTC is going to be free of inflation, not cryptos in general.
Inflation coin (http://inflationcoin.org/) for example is just as its name says, a coin with Inflation.
Tether is also a crypto, but it is pegged to the USD, which....
Not to mention ethereum.

the main problem with paper money is inflation but cryptocurrency has its own problem called volatility and will not work without a network/internet which is a problem for some developing countries. anyways we can also create our own currency out of thin air easiest way is thru ICO or airdrops via Ethereum platform.

Could you give me some links to this? I need to know more about this, google isn't helpful here!

I know that the first to print money in paper was the Chinese government, and of course; there was already a banking system on that time.

Wikipedia says that: (https://en.wikipedia.org/wiki/History_of_banking)

The history of banking began with the first prototype banks which were the merchants of the world, who made grain loans to farmers and traders who carried goods between cities. This was around 2000 BC in Assyria, India and Sumeria. Later, in ancient Greece and during the Roman Empire, lenders based in temples made loans, while accepting deposits and performing the change of money. Archaeology from this period in ancient China and India also shows evidence of money lending activity.

If every central bank is owned by their government; why was the 7th president of U.S last words were, "I killed the bank."?

Is it the private bankers' or the government's fault that every fiat loses its value?

Well, he didn't and the bank wasn't owned by the government.
https://en.wikiquote.org/wiki/Andrew_Jackson


What he said was "The bank, Mr. Van Buren, is trying to kill me, but I will kill it. (https://en.wikipedia.org/wiki/Second_Bank_of_the_United_States)"


I hate the term  "government".
In my country and in most of Europe the government is invested by the parliament and it can be also dismantled by majority vote in the parliament, adding the fact that the parliament is the one who votes new laws you can say the government alone can't be held liable for everything.

But details aside, my answer would be the latter  :D

LE, almost forgot

That's a Jiaozi (https://en.wikipedia.org/wiki/Jiaozi_(currency))

an era of progress which, when progress can be accepted among the community means that old habits are considered hunting, but it is not like that crypto is better than paper currency but crypto can happen because of paper currency so that from few years ahead it is expected easier transaction implemented does not mean paper money is bad...

When there is no more money in the bank, Bankers will simply print more money and nomenclature it and lend it to the public, you can call it professional robbery, they are in charge.

Paper money is a the greatest scam for you if you do not know how to handle your money well and you are a spender. Digital money is scam also if you do not have enough knowledge about it and be fooled by opportunist people because of your ignorance. See, paper money and digital money are both scam in the sight of an ignorant person.

Actually money in any form in slave mankind and I agree on your idea about this. Money if not used wisely could just end up in trouble. Crimes are created because of the love of money.Just to make it clear,  Paper money is not created the way fake money is. It is backed by the governments resources and could not be created as if there will be no limits. And paper money is used to buy bitcoin and other currencies. So on my part it just fair enough to give paper money a recognition as to its importance.

Paper money had become a scam since it discontinued to be backed by gold, etc. Since then all people are dependant from the volume of paper money circulated in economy monopolied by central bank. Bank can issue the more volume of paper garbage the more it wants, this leads to devaluation of paper money which we receive as the payment for our labour regardless whether we are hired or enterprener. In this case all users of paper money are scammed by bankers who are the owners of whole financial world system. But in the core it is impossible to do without universal mean of exchange, but the vile desire big power holders to control the life of all people leads to crisisis and wars all around the globe.

Cryptocurrency and money papers have a shortage of one another, if you say cryptocurrency will never experience inflation it depends on the coin, because the concept of coin in cryptocurrency for instance bitcoin. Bitcoin developers create bitcoin in a limited number of only 21 million, so it will not experience inflation but will be depleted. In contrast to some altcoins that do not have a minimum limit, this will make altcoin prone to inflation.

I understand what you are trying to say about inflation for they could just recreate paper over and over again.
But dont we see that now with all the crypto currencies that are being used? There is too much number of different coins by now.
People. They play God. They want to create too.
Look at how the value of every crypto coin goes down. Why? Investors dont know where to go. Hell! They dont even know what is the oroginal anymore because of copies.

Speaking of EU government and banks, there was an alleged scandal happened last year about an Azerbaijan money laundering, and there were politically-exposed people involved.

There are 2 banks involved, one is a private bank and the other is an online-only bank. The online-only bank is now doing an ICO!

Now I wanted to say; f*ck banks and f*ck the government!

According to wikipedia; (https://en.wikipedia.org/wiki/Jiaozi_(currency))

Jiaozi was a form of promissory banknote which appeared around the 11th century in the Sichuan capital of Chengdu, China. Numismatists regard it as the first paper money in history

I'm not a numismatist but I still consider the "flying cash"/"flying money" from the Tang dynasty to be first.

If the mainstream really knows about how banking system work, the system will collapse. Sadly the majority is enjoying being manipulated and enslaved, and our young generation is taught at the indoctrination camp(school).

anyone interested in why banking system is the greatest scam in history watch @whygoldandsilver youtube videos.

These myriads of coins don't really matter if we have a strong bitcoin as it already has fixed  supply and is devoid of the "print" button. Just give it some time and all the shitcoins will die out.

"Whomsoever controls the volume of money in any country is an absolute master of all industry and commerce and when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate." - James Garfield

Our banknotes are just a withdrawal slip that the government relies on credit to issue, and it is also a kind of borrowing!
Banknotes in any country cannot escape the fate of depreciation.

Dude, have you ever heard of scammy ICOs or something called tether? And fun fact: Even Bitcore is created out of thin air. :)

Who said crypto is free from inflation? Who said that people will naturally move to crypto? They won't, not until fiat dies.

You should word it as financial freedom or spending a normal life. Look, you cannot do anything without fiat. Fiat plays a major role in people's lives, not everybody accepts crypto IRL.

Yeah, not all those who saves in the bank knows how they are being scammed by the banks. Even the government encourage everyone to open an account in one local bank so they can enjoy the benefit of having an account but in reality worse things can happen to your money. Its hard to educate people about it when your own government support the banking system.

Yeah, still it was the first that was really used as a paper with a far bigger value than the value of the materials it was made from. Some say that this, applied to papers printed en-masse by the government equal money...
Either way, it's not that important, the thing I pointed in the first post is that people don't realize how old some things are in reality and they all think it's something new just invented.

A few years ago I was surprised to hear some goldbugs claiming that the Greek crisis couldn't have happened with a gold standard, really? Who the hell was the first country(state) in history to go bankrupt?  ;D

Paper money is not a scam, just like guns can't really kill people without an imbecile pushing the trigger.
Paper money can work flawlessly if some rules are enforced and respected, if not.....

In most cases, the work in which a person is every day connected with the material security of themselves and their families(earning paper money). But very often all this work brings as much money as you spend each month. And this cycle lasts all year round. If you are an ordinary person, you do not have a rich dad, uncle, aunt, then basically you find it difficult to find a job through which you can provide for yourself in the future.
Investing in crypto-smart work is exactly what can bring you a great income in the future since the % of earnings here is 1000-Chi percent per year if you find the next Ethereum. Friends do not be afraid to invest in crypto because there is hope.

Crypto currencies are comparatively cheaper, practical and efficient because they don't involve banks in making transactions so there are no taxes imposed here, but I don't think we can completely abandon the paper because in everyday life we cannot fully use crypto resources. because there are still many payments that can only be made using paper money

The choice is imposed by the government, I don’t think that they will change something, it’s not profitable for them, control should be everywhere for them.

So, do you mean that it is a legal scam? It is not scam rather a fraudulent act. It is a scam if the will use the fiat as the tool to fool people and exit the moment they gain. However, it is not. They just fool people by means of charging high fees over a period of time. Banks and fiat have the same purposes, we as human follow it.

It's easy and transparent, yet adoption is not that wide as paper money offers, it will have long way before crypto will be able to be too useful in every means of transactions.

besides that many people who do not understand cryptocurrency, so paper currency becomes more effective for transaction tools. although crypto is easy and transparent but for those who don't understand, it will be the same

I have been scammed so many times in crypto but that is not the crypto fault, it is my fault and the scammers fault, so crypto and fiat got nothing to do with fraud because they are only medium, fiat was created to control the economic system so without you knowing you are enslaved and controlled by the government, you can see this by the amount of taxes that you paid, and now crypto offered a financial freedom that eliminate the used of third party, so with crypto and fiat exist we have the option

Approximately 90% actually being toy money. If the system collapses, the crash will be monstrous. It can cause an avalanche of consequences.

I think its true that paper money is greates scam because central banks print money from thin air. There is no gold back up when central banks print new money and its just based on government trust. I think thats why inflation always increasing

Paper money is not created out of thin air but has its value. On good paper money should be provided with gold and foreign exchange reserves of the country. Inflation in our world is not the worst option in development, as deflation can become an even worse situation.
Bitcoin is free from inflation Yes but its volatility is still too high and you will also lose your money if the price of bitcoin will change so much in a short time.

To paper money, humanity in its development went very long and they became the crown of financial relations in society. It would be wrong to say that paper money is a fraud. Paper money in a normal state is issued at a total denomination of the size of the country's national material wealth. They reflect the state of the economy of each state. So far there is no more perfect way of financial relations in society than the use of paper money and their cashless payment method.

The 'paper money' that you say is a scam is still probably the most widely accepted form of currency worldwide. Scam or not, I can buy real world products with it. I have no doubt that crypto will have a huge influence, especially with international payments, but 'paper money' will be around for a while yet.

Almost all people know that paper money is the number one prone of scam this is directly available even without black and white transaction security. that's our daily used when we go anywhere money is important all the time but the risky for being money handler is always around. that's some people are split to to use it and willing to use bitcoin crypto currency. aside from fastest way of transaction many good benefits when we use of bitcoin.   

crypto is still a small pebble in the world of transactions, and in fact paper currency is still recognized throughout the world, and the world accepts it. and of course evolution will occur even though it takes a long time

Main cryptocurrencies are no longer free from inflation. They are more vulnerable than fiat in this current state.
Better we create something new and stubbornly stick with its principles.

Very correct, the biggest advantage of cryptocurrency is that the value of the coin is determined by the owner without fear of inflation. But after the huge success of the cryptocurrency, the world may be turbulent. Capitalism has basically no future, but it does fit the people of today.

Originally paper money is only a representative of gold but bank is "cheating" now, I don't say that bitcoin is the best currency to end enslavery mankind but it's the quick way to escape from the system, but we should to own gold as our investment. Gold also can provide us the financial freedom.

free from inflation, but not free from high volatile levels
I think both of them can coexist as a complement and provide a broad choice of payment methods

One thing a lot of people usually find a lot hard to blend in with is change and we have seen it quite some number of time and most especially when it comes to less developed countries. However, with the way things are going, I believe cryptocurrency is gradually filling some of the spots and really helping in a way that paper currency can never be able to help and most especially not just paper currency but the fiat system at large.

It is obvious to a lot of us that cryptocurrency is a whole lot useful and when we really want to look at the history of paper currency and now, we all know it has always been the biggest scam of all, just that the government are always so good at covering it up since transparency is not even a thing anyway.

Whatever, but you don’t have to carry money everywhere you’re going these days. Technology is everywhere and you can easily send and receive money from anywhere. Bitcoin is neither a good option, and there are also scammers in bitcoin.

Another thing that makes Bitcoin seem worst is the fact that it is volatile. So the best thing is to combine these two and have both fiat and cryptocurrency. That’s the best thing you can do.

Well, it is one thing of course to have in mind that not everyone will actually get to be able to utilize crypto as they will find it a whole lot difficult when it comes to understanding how things are done within the space as well as how they can handle themselves.

Nonetheless, it is always a matter of time, and even though the fiat system cannot completely be ruled out, one way or the other, over time, paper currency will most definitely go into extinction and then as we are already seeing the age of cashless, it will even make the ushering in of blockchain technology at large within the financial sector to even make a lot of sense.

Yes, it is there especially with new coins in forms like price manipulation. There are some other problems like uneven price movement of crypto and so on. But there is solution to it as well like we can have some sort of regulation. If we compare crypto and cash based on transparency alone, crypto is miles ahead. Everything is recorded digitally forever.

Since this thread is under "Economy", i gona say this: it's all about supply vs demand; demand vs supply.

I don't think the intent of paper money creation was to scam. Imagine yourself having to transport XXXkg of coinage vs transporting XX pieces of paper with equivalent value of XXXkg of coinage, or gold ingots even... paper is definitely easier to transport.

Well, since its easier to transport, its also easier to be abused. From ancient time till now... at every age and transition.... there always are people groups or institutions who will use whatever medium of exchange to exercise their greedy intent.

Banks... however... aren't just what you can see. The more scary thing is the person behind these 3 banks. (You know who they are)

Nevetheless... what I would do as an individual... its to understand how crypto can influence the majority, and act on what i deserve more as a person who can control my own financial well being.

That's more important.

Side note... the word "Bankrupt" came from the word root word "Bank" i believe. ☺

I did have my understanding and mindset change some few years ago when I heard a sermon  as regards paper money. It is not the real value of a thing but just a ledger tender! It is only an acceptable means of exchange and should not be strived at getting but strive to get value and money of different worth can get to you.

please refer to Ancient Chinese paper money history, the ultimate scam done by Imperial courts.

Is it a crime to say it to the government that we don't want the paper money anymore? At a time in my country, we learnt that it cost more than a certain paper money lower denomination to mint it, something like spending over a dollar to mint a dollar. How reasonable is that? Government doesn't want freedom for you.

I agree with this man, we have been scammed a long time, let's do something!!

I am always happy to join some crazy anti-gov movements!

Oh better I go to the moon? I saw some cheap slots there last summer!

It does not originate as a scam but it soon becomes one when paper can be exchanged for nothing.  Its a failure in the checks and balances that goes between democracy and capitalism, nobody can challenge the central authority of government or risks being seen as an enemy.   Especially when the system appears to favour all, the only discrepancy is the avalanche of debt piled up on the hillsides that surround the civilisation we have built on that FIAT system.   To call into question that possible failure is seen as provoking and even the cause of the failure itself

;
The first paper in the west came from gold smiths issuing notes for their stock.    At first this paper might have been 1:1 in line with gold the goldsmith operated with but soon it became that more notes were issued then actual gold available.    It works so long as not all paper holders require their value returned to them, it also explains now why its such a problem for government to ever run a surplus and reduce its debt.   Instead each bit of paper becomes worth less with increasingly distant the prospect of ever getting back true value on a common workers days wages.   The end game is alternative systems are more worthwhile, trading, bartering, crypto is viable if convenient fast and cheap to use but ultimately people want that gold or the food it buys, whatever value is fair for their days work.   People control economys and their direction always

Great post. I totally agree with the author. Central banks print money unsecured. People are constantly being robbed. But the strangest thing is that the government is not interested in people being financially literate. Children are not given financial education in schools.

I do not think that Fiat money is a fraud since in our world it has come to the norm and the cryptocurrency is also released without a stop ! https://etherscan.io/token/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48?a=0x55fe002aeff02f77364de339a1292923a15844b8

If Bitcoin will be maken so like a dollars or another currencies nobody would buy this

Agree with what you said.

And cryptocurrency is something which has the potential to help people to be their own bank. There is no reason why we should be lending money to the banks. I am foreseeing a greater depression/crisis coming within the next 5 to 10 yrs.

I disagree with this statement. The monetary system has been formed over the past two millennia. This is just what we know. It is a good development of the previous experience of mankind and, in principle, is well suited for the current use. Of course, in our world nothing is perfect. However, paper money was and will continue to exist for a long time. Apparently, as long as there are different states in our world with their conflicting interests.

You’re wrong, everything that has to do with money, including fiat and cryptocurrency, are all the same thing and human beings are just enslaving themselves.

Just imagine in a world where there is nothing like money and people shares things and nobody is greedy, that will be a better world than what we are living in today, a world where all you’ve got to do is search for food and nothing else. This time around we just enslaved ourselves due to this thing called money, which is also the root of evil.

And this scam basically arose just because of these new coins. They don’t have basic load for their projects nor they have good base still they are upgraded in market. Their launch defames crypto.

The government doesn't want freedom for you. They want to subject you to their tough and unreasonable economic policies and earn from the job they did not provide for you. Virtually everything about government is scam. Cryptocurrency is offering you a big relief.

Paper money is not a fraud. This is a good and generally convenient form of financial relations in society. In order for us not to have a medieval form of barter relations, humanity needs a measure of value and its equivalent. Such equivalent is paper money. They are issued by states for the amount of material resources available in the state. Of course, as elsewhere, not without abuses and corruption. However, to say that paper money in general -  cheating, that's stupid.

I dont see FIAT as a scam, it is another milestone for humanity to have a good currency.
But the government and banks make it a scam.
People are good in using paper money, it is the currency of the world for a long time.
But those elite people use this one to be richer and poor gets poorer

Maybe it is the greatest scam ever because it is a paper and printed by banks not by governments and they say it has value so we all are working for their paper so which is similar to be a slaves.People still not understand anything because people are just like sheep they will simply follow the others and what they had been doing in their life time,maybe decentralized monay on the hands of people is the real freedom to the mankind.

Lazy will always gonna find it's way to gain what they wanted in an easy way may be in good or bad terms. And this is what actually is happening in our society where people in higher positions tend to scam people and not just people with a higher rank but to those people who does make an effort to execute their scam.

I would always choose freedom from financial institutions. They just want to control us. Bitcoin is a good instrument for fighting against this control.

This is not true. The birth of banknotes has enabled human civilization to make rapid progress. The greatness of the birth of banknotes surpassed the birth of Bitcoin. However, due to the development of capitalism, most of the money has been concentrated by a few people, so banks can only release the risks of the economic market through depreciation. Such problems are common all over the world. Except for Japan, the distribution of other wealth is chaotic.

crypto world is the world for scam, not only paper money. You should have a better look.

This is a stupid statement to consider fraud and scam cash national money of the state. What would anyone say here, and this money is the result of improving the means of payment for at least two thousand years. The simpler the system, the more reliable it is. It is impossible to rely on complex technical means, they can fail at once and mankind can simply die, as it was already more than once from previous civilizations. Still, people do not learn anything.
The cash of the states as one of the most perfect forms of financial settlements will exist as long as the states themselves exist.

This idea is discussed by Robert Kiyosaki in his book "Second Chance". I agree with him. In addition, Kiyosaki responds positively about cryptocurrency. But he still prefers investment in gold.

I have not read that book from Robert but I have read some other books from him and I like the fact that he is open about new stuff unlike other people, it is fine if he prefers gold over cryptocurrencies at least he is not like most gold holders that hate bitcoin, personally I like both, I like cryptocurrencies and gold but I prefer cryptocurrencies since I see many advantages that cryptocurrencies have and that gold will never have.

Financial freedom is the key to live without being to slave for government or companies. There always will be teachers,doctors,engineers if you think who will work for others in case of everyone gonna to live in "financial freedom".Greedy people always find the way to destroy any kind of socialist plans.

Before the invention of cryptocurrency, the fiat currency was in existence for centuries so we have to still give credit to that innovation. Cryptocurrency is here to improve the fiat currency, so fiat was not a scam and will never be a scam.

Somehow i don't like how the government can take your money easily without your permission especially in the banks. There is too much rules which you have to maintain and any other regulations that doesn't give you a freedom if you disobey. Everyone is forced to take it while the people inside the government could easily make a way out of it.

The paper money you're talking about is the one we are using right now. These papers are part of the system that makes each of us able to transact well. It is not the paper that must be blame, it is the other parts of the system such as the people manipulating the prices. For the case of cryptocurrency, it is again the manipulators taking the cryptocurrency into the deep.

fraud can occur anytime and anywhere, the case for bitcoin is very common because the first bitcoin promises high profits, so opportunities like this are used by fraudsters to trick victims with high profits, so we must be very careful whenever there are programs that offering big benefits with small capital, bitcoin is the latest technology so people still don't really understand bitcoin, this kind of thing is often used by fraudsters to spread action with very good pictures when he wants to cheat you, and there are many cases of bitcoin,  but all can be prevented by understanding what we will do.

I am agree that paper money or fiat are greatest scam. Central Banks print from thin air and they lend it to people or government with interest. It will creating inflation and people will always to work to pay the interest. I think economic system base on gold standart is good and can replace current system

the problem of scam or not I think it has nothing to do with whether it is banknotes or crypto currencies, which become a valuable object to be a medium of exchange is people's trust in the object, so trust is the most important thing in determining an object to be a medium of exchange legitimate or just a scam

I still decided to choose fiat money and would use it to invest in real estate or gold. If you think fiat money is a failure, think carefully. For me, crypto is just a money transfer tool and it cannot be a currency to use for many different purposes like fiat money. What do you think about a market that always has daily fluctuations? What do you think your daily assets are always fluctuating even though you don't affect it?

Say whatever you like,but fiat(paper money) is Indispensable and at this moment you've got some in your pockets,we definitely cannot do without them,how are we gonna make purchases in our local stores,knowing fully well we have limited stores accepting bitcoins due to volatility and that's not changing soon when almost what everyone does is to buy and hold,simply for investment purposes.

The same scam you're calling fiat,is what cryptocurrencies have been associated with world wide,thus crypto could also be regarded as such
For now we all are using the both of them,and I think it's gonna remain that way,even if one is to give way, it's definitely cryptocurrencies.

Yes, I think paper money is indeed a system of human slavery. Humans enslave themselves to get paper money, and paper money is printed very much so that the value decreases because of the amount of money that has been printed.

Calling paper money of different countries is not a scam. While they can be called the simplest, fastest and convenient means of payment. Other species have their advantages, but also have their own disadvantages. Paper money of the states depends on the degree of development of the country's economy and if governments follow the necessary rules for their regulation, paper money plays a positive role in financial relations in society.

it is a scam. people these days take loans for nothing and put it all in speculation markets. everybody with brains know that this economy will fall sooner or later because all the money flows in the real money circulation and causes inflation. they dont even need to pay it back if everything blows to shit one day. the sad thing is that the people who make earning of speculation markets let completly worthless money flow into the money circulation and get goods for free. no risk and free goods. a big scam. thats all because the financial system is at its end. a desperate attempt to let this sickened money system allive. stocks allways has to rise, thats why you get loans for nearly no interest.

 This topic is too loud. If someone thinks that in the case of cryptocurrencies the same things will not happen that happen with fiat money, then this is a big mistake, bankers will still try to create mechanisms and platforms that will allow them to do the same things that they doing now with fiat money. I mean those miracles that Wall Street guys do. They are quite capable of doing the same with cryptocurrencies.

Thats right. they use all the rules to freeze your account when you do something that violates their TOS. I don't like that system. cryptocurrency comes to break that rules. thats why they are scared. but I don't think that paper money is a scam. although only paper. but their value it describes the country's economy

It's a scam because those who manage it are greedy people, those who are in the government are greedy, they want to control us with their regulations so they can make money from us. That is happening but seems like majority does not see it, good thing that crypto is here now, so let's help people to get educated with crypto as this will benefit the people in general.

If the profit for the government itself is to increase the state budget. of course it is not a problem because it will help build the country. but if they use the rules for personal gain that is certainly something that must be opposed.

Federal Reserves are not scammers, they are not out there to make profits for free or something. They do have a very vital role in every single country they are based in. You can not have unlimited amount of money because if you do that than it will be like that zimbawe or whatever country where you pay a trillion dollars for a burger. Hence they need to calculate very carefully if they should print money or they should cut back on interests and so forth in order to keep the economy at bay in order to drop inflation as low as possible.

If they just let go and print money for themselves eventually the economy will be bankrupted. If that was so possible USA has 10+ trillion dollar debt, FED would just print out 10+ trillion and pay every debt they own and they will be a country free of debt. However that would have consequences so they don't do that.

I know, paper money is always calculated based on gold. well, currencies and money are of course different. why paper money has value, it's because of the gold saved by a country. well, I don't know, I'm not an economic person, but I think, this is inherent in everyone, and paper money is always considered important. even cryptocurrency is very similar.

It is the matter of choice mate buy Bitcoin so that you won't worry no more. Scam in cryptocurrency is different from fiat money. Centralized scam is different from decentralized scam what's interesting here is that cryptocurrency could possibly be a tool for us to have financial freedom unfortunately not in fiat money due to bankers and powerful entities that controls the world's economy. In fiat people who are poor become poorer unlike here in crypto industry where we can be one of the millionaires one day regardless of social status.

It is to be expected that they get to make the rules when it comes to their systems, so it makes sense they will freeze your assets if you violate some rules about what you are allowed to do but we have all the right to create our own systems, in this cases cryptocurrencies that do not follow their rules, and that is what bothers them, they see they have no way to modify the cryptocurrencies to benefit them and they are trying to scare people away from them.

Yeah, I agree they got rules, but rules that are ridiculous should not be entertained. That's how they monopolize the monetary market with their stupid rules. Freezing accounts with transactions more than $1000 a day is ridiculous.

On the contrary Crypto is freedom. I thus agree with what OP stated here.

Living for almost 3decades now and I’m about to realize how shit paper money are and especially the banking system. I’m glad that cryptocurrency was invented but admit it or not, we still need fiat money for liquidity and a bank where you can put money safely. Well, I have to used them for now not until we made to hit in the mainstream, looking forward for that.

For many years, we are using fiat money and if we keep it in the bank for long term, the value always decreasing and purchasing power always drop because inflation. I dont know its called scam or not but i dont think its good for us.

Paper money is strongly correlated with gold. An economic system based on Gold cannot be created anymore. Gold is reserved in federal banks and people have little to no access to it. Thus, it doesn't provide an equal society where every individual has the same chances of acquiring a gold bar.
Crypto is much better as it is fully decentralized and all the actors can behave the same.

And fully transparent as well, we do not need the government to print more money and not in monitor of how many are really in circulation, for me its not transparent unlike crypto where we really know the total supply and this will us grow the value of our holding as demand increases.
In terms of usefulness, crypto is easy and decentralized and cheaper compared to banks when you use their services to transfer money.

It's not a total scam but the powerful are the only ones who benefits in the paper currency. It became the tool for the rich and not for the poor or for equal share. While in crypto, everyone has a chance to live fairly and not getting take advantage of that always happens when oligarchs print more money.

Everywhere there is its risk. Fiat money is something that has been associated with us for thousands of years and is still condemned quite a lot now. crypto will soon become a victim when too many people use it.
Let everything go naturally, don't try to change or try to get rid of something that has been around for too long. It was a big mistake.

No you were wrong. The paper money is just the representation of the country economy. If you were going to total all the money printed in paper that includes the coins then that would be the value of your country with its assets and everything that contributes to the value of a certain economy of a country.

In my opinion, these two are quite the same, paper money and cryptocurrency, both of it could be used for illegal purposes and both can enslave people, but in my opinion, paper cash is the one that could be used for illegal purpose without getting noticed. In cryptocurrency, transactions can be tracked and followed while paper money can be handed without any trace.

Yes that is true, because Fiat money is not always good, it will continue to decline because inflation always happens, so this is very detrimental, but if we invest in Crypto like Bitcoin and Ethereum, we will get opportunities at very high prices to increase.

Some of them are and some of them are not according to me this is good to invest only in the crypto currency like bitcoin and ETH because it has high scope and it has great demand in market. Gradually and slowly we are moving towards digital age where all this will be need of life so better to start using crypto instead of paper money now.

Many countries do not care about the amount of paper money they make, this is what keeps prices up, they should immediately be based on gold stocks so that paper money becomes stable.

After bretton wood agreement, US Dollar not pegged by gold anymore and The Fed print paper money based on government trust. If i am not mistake, Gold is not longer a currency, its commodity and this is why The Fed always flooding market with money with reason economic growth.

I often wonder why we use paper money? even though this is just paper that give a rate? whereas the value will continue to inflate over time? I'm starting to think that we might be tricked by the financial system right now, thats why I don't keep paper money, I save gold

The crypto lovers do not defend the paper money of course but there is a fact that the most solid and powerful invention since the time of money is paper money. This is the main reason why humanity has been using this system for a long time. At the moment there is no invention of same power against to paper money. (I speak on behalf of people who don't know the crypto money.) In the future, when the number of people who think that crypto money is the best invention to date is more than half of the world human population, crypto money will go permanent and default method of world money system as it is on the same paper money.

everything related to an asset, investment and also shares like money or crypto, there must be a scam scheme made by certain parties for the biggest profit and we just as ordinary people who are in the lowest position can only follow their path. so everything ... the same ;)

I think paper money still needed in the future. Its hard for government to implementing cryptocurrency consept to economic system because most cryptocurrency is decentralized and for many people crypto or bitcoin still vulnerable. But i think bitcoin can be internet currency

maybe it still takes a long time to replace it, because evolution is sure to happen, but the process requires a long time, maybe our next generation. moreover if it is used as a currency, it must get approval from all countries, until now there are still many countries that are not ready to face these developments, with various backgrounds

Paper currency isnt a scam. Its a misconception. Here's why.

1.) Banks doesnt charge interest out of thin air. They even give interest with their depositors per month. The ones they charge interests are loans, credits and service charges.

2.) paper currency in fact has greater value rather than its physical value. Imagine a $100 bucks printed in a $.05 paper. So the value per se is decreasing in inflation and not the paper itself and its happening in all aspects like your $5 investments turn $10 over time. Its the same concept.

And lastly, people move on crypto because of its unique characteristics and not because fiat is a scam.

banks and paper money are not the right place to maintain the value of your money. You have to keep it in gold, silver or the like that has no inflation. I think it's not a scam, we know that inflation will happen in your paper money, why do you still keep it?

i dont think paper money is scam,every country has its currency ya it can not have fixed supply but still there is governing body around it and fiat money can not be replaced no matter which how many digital currency come at least till the all people are modernized and they have knowledge of digital money.talking about money minting through thin air,bank do not duplicate money ,they have to give record to higher authority but we are much seeing minting of money in crypto world with help of fork.

As I said, those systems belongs to them and they are centralized and were created with the intention of dominating the economic system from the start, before cryptocurrencies you did not had a choice except to play by their rules but now that we have options I do not care what rules they create, they can do whatever they can and I am unaffected by it and the more ridiculous their rules the more we benefit since people will look for alternatives and will put their money in cryptocurrencies.

Yeah that's what concerns us. if you hold fiat or paper money. of course the value of your money will continue to decrease every year. the prices of basic foods and current needs are more expensive than a few years ago if you use fiat. that's the fact..

Yes, I agree if paper money is the result of deceiving people in the world, because they make paper money from the air without being supported by gold, please do your own research, you will be surprised.

I do not associate paper money to scam but it is subjected to all forms of negativities. Paper money is subjected to counterfeit printing but cryptocurrencies cannot be counterfeited due to the smart contract. Paper money is not durable and may eventually tear apart due to prolong handling. Governments spend billions of money printing new set of currencies but cryptocurrency is forever.

I cannot agree more. While the number of bitcoin is limited, there is no limited to cash. The gorvement can print as much as money as they can when they need. It is known.

I completely agree. The more I realize where the money comes from, the more I realize that something is wrong with this world. If this continues, sooner or later something destructive economy will occur, the scale of which is difficult to imagine :-\

Yes, very sad system. Everyone wants to make money on this and the commission exists. As for Bitcoin, nobody canceled the commission there. But still bitcoin is less control, it is a good resource for traders. But until the rate stabilizes, it is unlikely that everyone will figure it out as the official currency.  :(

But if you are rich, you will never say that. The truth is we don't like things when it is not on our advantage. If fiat is a scam all along then we will never reach many decades using it. All I can say that the fiat system is an unfair tool for mankind.

paper monay have a lot of price manipulation and it is possible that with this price game many realize it and have begun to dislike the use of banknotes, many people want to use digtial currency because they have an opinion that using digital currencies can make transactions safer and faster.

Paper money is the same with cryptocurrency, at the beginning somebody had to believe that a piece of paper has a certain value and it offers the possibility to buy assets and regarding the taxes and fees taken by the bank, house are considered to be payments for specific services.

I don't think hard paper currency is a scam, because with paper currency I can make ends meet. For you paper currency is a scam, meaning you don't use paper currency?

Earlier when paper currency came into usage people might have got the same thinking as that people have over bitcoin at present. Till the paper money into usage exchange of commodities were used by the people. It was created for certain purpose, but when years passed people started using it against the purpose of creation. Now bitcoin has come into existence to fulfill the flaws in paper money. Let's wait and see what happens.

I think people using paper money or fiat because government trust. Its true that paper money always decrease the value and gold is good alternative investment because gold known as safe haven investment

How ever paper money is really big scammer in the world, how come last ten year we can buy every thing at my country with one hundred thousand money but right now have less price, better if one day you have much money save it at gold or other investment kind and never save at paper money.

every year inflation always increases, which makes the value of the currency shrink if used to buy the same item. but somehow the paper currency is legalized by the government and we must comply with it to transact

OK, I understand inflation in paper-money might charge most people, that is indeed the risk and I think as long as you are smart in managing your finances, the risk is not valid, I have a friend who can relied on managing finances so as not to lose value when inflation. There is no inflation in crypto, but how about the high crypto fluctuation in your opinion? both have risks or what you say are scam, but we can overcome them if we can manage the ecomony finances.

The fiat currency has its uses and still do. Money evolution went through many stages and today we are at where the cryptocurrency is used. I see that both cryptocurrency and fiat currency existing side by side.

In any case, at the moment there are no conditions for using a cryptocurrency. In real life, there are people who have not even heard about it or hardly know what it is. No shops accept Bitcoin. There are only a few shops on the Internet and that's it. If the state meets cryptocurrency, I will be one of the first to start using it as the main currency.

In crypto, there is no inflation but only fluctuations. I am confused when you say that paper currency is a very big fraud. I think that depends on each of us, if we are good at managing our finances, the impact of inflation will not be so severe on our finances as well as the crypto fluctuations.

So far Bitcoin doesn't even cut it as a genuine currency (in terms of adoption and use)

In this way the whole comparison of fiat with crypto doesn't make a lot of sense as you can meaningfully compare only things which share the same or similar metrics or characteristics. So how are going to compare Bitcoin with, say, the US dollar? If you take the USDX index change as a metric to compare against Bitcoin's price, then the result will be devastating for Bitcoin over the timespan of a year to date. Okay, you can claim that we should take a longer timeframe and in that case Bitcoin would be superior to the dollar. But what does it tell us from a practical point of view?

It used to be part of the bill of rights by populations vs their governments would be that the currency would not be issued without proportion to worth.   Then the idea of increasing currency in line with GDP appeared and exact connection to a fixed worth like gold was not needed.    However inflation is measured by government itself and is adjusted for their ideas on technology advancement meaning higher prices are justified in their view and discounted not shown in inflation figures.


I think there is for many blockchains that have no fixed monetary base.    For Bitcoin it will have a fixed cap and eventually miners fees will have no block reward in there, so theres the idea of no inflation but until blockchain is zero its not unreasonable to talk about low inflation occurring in BTC circulated - ie. a higher yearly monetary base of BTC is available

Mild simplification but a limited capacity blockchain seems to be the way forward for economic independence.

Scam is too much of an accuse against paper money even if we know that their future can be limited. Don't forget however that still in our day fiat is the major trading globally as to many economies are floating around paper money. The other part is that Bitcoin is coming hard and is trying hardly to get a reputation of a global use currency with mass adoption.

ALL fiat currencies, throughout history have always failed and always will. They are a farce and a scam. They are corrupt and evil.

Why do you think Paper money is scam? It has contributed a lot to the economic development of many countries. It was created to modify trading when mankind started with barter trading. Although it has got some disadvantages like subject to wear-and-tear and ability to be counterfeited which makes all digital form of currencies including cryptocurrency a modernized form of payment, i would attribute scam to it.

But they are controlled by the government, it's hard to fight the corrupt people when they are the one who govern us.
We know it's scam but we are living in this corrupt world, they will still prevail but at least crypto was created and we were given a chance to enjoy it.

I really confused how could you say about that thing. Fiat or paper currency are we usually used in our daily living since decades. I doubt if you haven't scam before on crypto because i think its more scammed happened on this crypto world rather than in real world currency.

The world is evolving and development always take over the present to deliver what the fututre holds, In time past, trade by barter is what is being used, whales always have leverage per time, cryptocurrency is here to revolutionise cash transaction, we must be position strategically to earn and be part of the next economic move.
I disagree that paper money is a scam, banks always provide a service before you can be charge.

It's true that being controlled by the government means it's hard to oppose what they are doing especially in our monetary systems. Yet can't agree that Fiat are scam, but the ones who are scams are the ones controlling it.

Yeah I think so, we still use paper money for spending, and it's still worthed. why do we say it's a scam? the problem here is
why does this paper have value right? as long as the paper has a rate (according to their economy) it is legitimate as a means of payment.

I do not understand why you do not think that paper money is a scam, if you were to print paper money then you will be accused of counterfeiting and you will go to jail but when governments print paper money then they call that monetary policy, you do not see what it is wrong with that? If governments can print as much money as they want then they can steal from all the people that are holding their fiat and that is why they hate bitcoin since they cannot steal from you anymore.

when people are not trusted paper money that's why cryptocurrency well developed like higher than we are expecting they says people are unsatisfied with the usage of normal paper currency and the cryptocurrency is not owned by anyone and it will be a good development also for the circulation of people society.

using paper money for a country will be not a good idea for the future generation because online transaction are improved much more than before and cryptocurrencies are the one of the greatest improvement here in this situation so my open and is the future respiration and the cryptocurrency economic and it will be possible very soon.

but now the opposite is true. many people lack trust in bitcoin, so prices continue to decline. whereas paper money is still as usual, used for daily use. therefore I think bitcoin as a complement to paper currency transactions is good, considering the fiat currency is difficult to replace by btc

I mostly agree with your point

But as they say, the devil is in paying special attention to detail. For example, there is only one Bitcoin out there (well, if we exclude from consideration all its ugly copycats, of course), but there is no one paper money as there are almost as many fiat currencies as there are countries in the world. So when talking about "paper money is still as usual", you should spell out which paper money or currency you refer to specifically. If you refer to Zimbabwean dollars, for example, this is simply not true

It was bias the way OP deliver the options or choices. The idea was in favor with bitcoin. Yet, we all know how useful was the fiat money for now even if bitcoin has the edge over it. If OP will be given an option bitcoin or fiat money probably he/she will chose fiat money. What bitcoin could do for you if you will not convert it to fiat money? We should be practical for now and we know that fiat money is very useful when it comes to buying needs and wants. It is just that there were only few establishment accept bitcoin.

I think because of inflation? we know that the price of living necessities such as food, clothes, houses, etc. will be increasingly expensive for fiat or paper money. in my opinion this is not a scam, but we know that from the beginning right? use fiat and paper money for payments not for the long term saving #imo

I don’t think paper money is a scam. Such money, at first not even on paper, has existed for almost half a millennium and has completely justified itself economically. If you follow all the rules and do not print extra paper money, then they are fully justified and contribute to the growth of the economy of any state.
The argument that paper money is the path to slavery has no objective justification. Paper money has been and will be used for a long time in any state.

Has the fact that bankers charge interest to do something with paper money? Won't they do the same on crypto? They even require much exchange percentage on crypto rather than on usd/euro for example.
But the paper money is scam for one thing, inflation, why sometimes 1$ is 1.5$ and sometimes 0.5$? Governments print a lot of money and then we have to pay for their debt, so it's scam in overall and government is scammer, taxes alone aren't enough for them. We need something with limited quantity and bitcoin is best for that.

It isn't a scam literally but on the sense on how fiat does control the entire society then you will surely understand.

Its a deception, not so much a scam so long as society is a democracy then we only have ourselves to blame for allowing this poor system to go on existing year after year and decade after decade continually losing value and causing us all to be poorer and more dependant on government.
   The reason its occured is in conjunction with the welfare state I think, if we switched to a one income system where all citizens have a similar basic income then we have a system which is equal opportunity for all.   At present large government I think is helped created by the idea every citizen is owed something, if it was made into a simple flat level income then we can stop spending time deciding who is more worthy and give everyone the same level to start from which is just enough to eat and survive.
     Government cannot meet its obligations, thats the base line now especially in pensions and future welfare payments so all it can do is commit to pay this nominally but not in value and this destabilizes all business unfortunately.

The biggest owners of QE programs continual debt is the pension funds operated by government, they are obligated to purchase by same government which runs a deficit budget every year every decade.   The next logical step is to force every pension plan public or private to buy government debt and convert all their holdings to bonds.   Its not here yet but in theory its impossible for government to become insolvent or bankrupt if they can force action like this, value of course is undermined.

The whole economy is a "scam" and is destined to die.
Moreover, this also applies to any other human activity.
Things are born, grow, die. We too.
The important thing is to know how to take advantage when it's time.

Our own use gives them value. It's the idea behind it. Not just the 'mighty evil - government'.

And to all honesty, I think, if you and me, would sit at the beginning of the new world, I am sure we would look into a way to exchange value.
And even with the best intentions in our mind and heart, we would develop a form of currency.

The problem is not the idea, but how does it enable humans to do harm and good.

Even crypto nowadays has many of its own problems. Even for some criminals it is easier to use crypto.

So, like money, a currency will always have a double edge as long as human beings will have double edge (call it good and bad).

Paper money is what it is today because it is being recognized as a legal tender, but I really don’t see worth of it, how the value even came by is a misery, some people just woke up and decide to say this is the worth of the paper, meanwhile bitcoin started form zero and as people adoption it, the value keeps appreciating.

Although paper money is not worth it, but it is still a necessary evil, and despite all satoshis effort to put a stop to it, it still found its way crawled into the industry because many people still tie a particular cryptocurrency to dollar equivalent. So, I would say that paper money is indeed a necessary evil and I am still trying to think of how we can be free of this paper money bondage, if the string old behind money can be cut off, then it should pave way for cryptocurrency.

If you continue to reason the same way, then our life is also a scam.
But seriously, almost everything can be used for various illegal or simply negative purposes. Paper money is a very good and useful invention of mankind. However, if paper money does not behave as it should, then they will resemble a scam. Under normal use, paper money will bring convenience and benefit to people and will contribute to the development of the state economy.

Be that as it may, physical money, including paper money, is currently in use and will continue to be used for a long time. This is a traditional, well-established form of money, which is little susceptible to problems of various kinds. For example, the lack of electricity or the Internet. Which, unfortunately, can't be said about cryptocurrency yet.

And Bitcoin was created from the image of gold???

This kind of reasoning is self-defeating because if you come to think of it BTC is essentially a bunch of zeroes and ones! The real argument should be over the issue of backing. BTC naysayers have always argued that BTC is not backed by real assets and this is true but very few people also do point out the fact that the USD, the world's most sought after currency is also backed by hot air! Nothing.

That's why they print during holidays  ;)
And printing money devaluates making debt less expensive.

I totally agree with your point.
-But I think paper money still works in society and every economy because in life we still have to pay for things with paper money.
- As for cryptocurrencies (bitcoin) it is not as inflationary as paper money because it is not through banks or governments, it is not taxed
Given bitcoin's deflationary mechanism, I believe that everyone in the world will use cash to invest in bitcoin when a recession or crisis occurs. So this is a good time to buy bitcoin and hold it for a long time instead of saving it. ;D

Hahaha this is a good one, they print money during the holidays, so nobody can see them doing that. Debt is less expensive, your paycheck is lower, goods cost much more. In time of inflation in my country prices were going double every 16 hours. Because of the worthless money we had vouchers for food, gas... just for the record, on the pick of inflation 2l of milk was 500 Billion dinars.

https://www.reddit.com/r/Bitcoin/comments/9u2men/a_criticism_of_bitcoin_as_a_kind_of_money_and_a/ (https://www.reddit.com/r/Bitcoin/comments/9u2men/a_criticism_of_bitcoin_as_a_kind_of_money_and_a/)

Maybe? but if you are going to think about it, we are all scams, we are taking advantage of everything that gives merits to us, that will helps us to survive this cruel society where everyone has their own perspective about life and doesn't have any unity at all. Fiat is the center of the Government which helps them run a country or the whole world. It is not actually a scam, it's just it is the first thing we invented or discovered to have this cycle in the society.

Without fiat, everything will be vanished, everything will start to fall out since it doesn't have any value anymore, and I know you just wanted to have this cashless society which I believe that would be more better than what we have right now. No more robbing, because you have private keys that's been hidden somewhere safe, and everything. Cryptocurrency is the future, but we don't know how much time we still need to see that happens.

Your opinion is not all correct. Paper currency is not a scam, rather the regulations and charges attached to holding it make it difficult to comprehend why such manipulations. I quite understand that we need taxes to grow economic infrastructure, but taking advantage of the gullibility of the masses under financial regulation makes it look like a conspiracy. The emergence of crypto has opened up some hidden policies that are weighty on the masses' freedom to use their own money, And I am glad to be in this era of the emergence of crypto.

Paper money is bad, since the end of bretton woods system in 1976, there are some countries that benefit from this situation. Powerful countries that it's currencies are easily traded internationally,obtain the wealth of other countries just by printing paper money.  The world must use the same currency. But I think its not a scam, it's just have been manipulated by strong countries.

Before paper currency or fiat there was no global currency every country can use as legal tender.
Now there is with cryptocurrency so the fall of using paper currency might be sooner then we all think. ;)

Paper money or the fiat currency is a tool that you can use to make your life easier or make your life your worst nightmare. Paper money is a scam in terms of losing its value and other disadvantages but on the other hand, if you know how to spend it wisely and how to manage it properly then you will be able to prosper using paper money.

I don't agree at some points. Even fiat is established only by the government, even it suffers from inflation, it all has its purposes. Inflation is not bad at all times, it makes people spend their money. Deflationary is bad in the end since people would just hoard, economy would stop, which is worse than what we have today. Government built centralized systems for people to follow, with tax powering the system, law enforcers are possible. It's not the centralized system that's corrupt, rather the people in position are those who are responsible why the system fails.

Imagine decentralized system in a country, no one would follow anyone, no government is just pure chaos. Don't expect all people would live in harmony and will think rationally because all of us have greed and corrupt ideologies on our own.

Correct, I think paper money is not a tool to scam, it is just a paper, the decision to get scam is up to us, if we invested it with something we are not aware of, then the tendency is  that we will be a victim of scam and not because of paper money, all the decisions we have in our life depends on us, so we need to be very careful with our actions.

That's the way bankers work, if you don't want to be burdened with big interest then don't use it. Inflation here also depends on economic development, we cannot blame paper money but the system. Anyways on every side of things there will be a gap for fraud including digital currency. What about crypto fluctuations? maybe if the price change is up many people are happy, but if the price changes down, many people say they are scamed by crypto.

What?

How will this thing make your life easier?

We earn this money. Jobs, knowledge, and education will make our lives easier, not this paper money. The value of fiat is a scam to start with but we can't really stop that right now since it is been a part of everyone's life until now. If you do not know how to earn it in the first place, you will never spend it and manage it properly.

Have to agree with the OP here. Fiat currency is a tool being used by the bankers and the politicians whom they sponsor, to get themselves rich. Remember the 2008-09 recession? The government poured in trillions of USD to save the banks. From where the government got this much money? They just printed out from thin air and added that amount to the federal debt. In the end, the bankers were saved, but the common people had more and more of the federal debt pushed through their throats.

The only real solution for this is to bring back the gold standard. As of now, I couldn't think of any other remedy. The governments won't be able to print out as many banknotes as they want, if the gold standard is implemented again. Else, we could go for a decentralized currency that is outside the control of the central banks. I am talking about Bitcoin here.

I think money is money even if someone lends you monopoly notes and its dear to them they would charge you interest on that too. Talking about making of thin air I don't think it's that easy to print after all. I mean if we compare per satoshi cost of production with cost of production of 1 cent then I think there won't be much difference between that. So it's only gold which actually is not made out of thin air rest all the things can be easily created. it may be financial slavery but I am curious to hear you idea about how Bitcoin will give you financial freedom?.

The fact that some governments abuse their rights and print more paper money on the basis of the state’s economic growth does not give rise to consider them a scam. Paper money has existed for several centuries and has proven its worth. There is still no alternative to paper money as a physical form of money.
I think that paper money will be the main and most common form of payment medium for a long time to come.

If the government is not taking any precaution when they print the money then it will doom their economy and historically we have evidence how a government could destroy their own economic situation if they are not careful on how they deal and control their finances. Even in recent times we know what happened to Venezuela where the government completely destroyed the economy because of inflation and they tried to counter that by printing more currency.

Well actually money is a great creation. In the earliest days, bartering were already there in order to trade with others what they have to what they don't have.  Then it evolves to different means of trading. Paper Money was created to lessen the hassle bringing heavy golds which later were being regulated by central banks. I believe that inflation is normal that's why banks need to monitor the printing of money in order to avoid higher inflation.
Crypto is an other form created to fill what is lacking with paper money. But I don't see paper money as a scam because it's the people who scam others not the money. They're just scamming others for money but it's not money's fault.

The bankers are the richest persons because they are just printing money whenever they want. It is the reaosn why there is a inflation because the supply is keep increasing and the value of the most fiat currency are decreasing. We are aware that bitcoin is experiencing deflation and not inflation.

I think its general problem for us since fiats are created. That always be nighmare for people who just collect fiat money and ignore it without using it for get more income. You said that crypto has no inflation, i'm disagree for this statement, remember crypto nowaday are different if we compared in end of 2017. That mean crypto has inflation, the value can be less than before or maybe its has decrease more than 50% like ethereum.

There are a few points that I disagree with your contention.

First, paper money was introduced in order to have an internationally recognized currency which can be use as the main medium on a respective country for reasons of trading, investing, and lending. If we were still to adapt the barter system of payments, there would be no means of knowing the actual value of a thing since everything revolves around trading goods.

Second, interest rates are created by the banks in order to take opportunity of the time. While the rates may be relatively low, the chances are guaranteed since the security that most banks give are based on the fiduciary relationship created between the depositor and the bank.

Third and final point, without the fiat system, the world would be in chaos with regard to trading and investing.

The biggest problem with fiat currency is inflation. In my country, the national currency is losing its purchasing power, even faster than the rate of interest that we get on long term bank deposits. So keeping fiat in bank accounts is a loss making exercise. Another option is to go for gold, but the government has implemented a 12% tax on the purchase of the yellow metal recently.

Fiat was never a valuable thing, it is a dependent and a mere tool of the Government spreading their power throughout the globe, they have this monetary policy that makes them untouchable and inevitable by printing and burning fiat whenever they want to, it is a childish play for me. Fiat can't exist without the government and that's what makes it an outcast when it is being compare to Cryptocurrency (I prefer bitcoin)

But we can't do anything about it, the Government is the boss, and many puppets are following them because of fiat itself, being obesse elephants and alligators.

Well the paper money isn't created out of thin air , the more money a country prints the lesser the value of their money goes , it's all connected , it is not a scam but the government who are behind all the corruption makes it so.
I do think that paper money is very essential for the economy to go actually but unfortunately the governmental bodies makes it corrupted and dirty .

Paper money was made to maintain order and peace all over the world before but now it is all about greed and corruption promoted by the government. They have all the control to increase or decrease the value of the money and what has been happening now was all about decreasing the value as the resources in our planets grows lower and lower each year. In the end, we are all slaves of the government, adjusting and working hard not for ourselves anymore but for them already so we must make decisions and start moving into crypto.

That's the bitter truth which some of the people over here refuses to accept it as they have no idea about the importance of fiat currency or they are just saying something without a proper research. We do understand that there are corruption and the central government abuses it's power by printing more currency but if they don't print new paper currencies then world will come to a standstill and we cannot withdraw our own hard earned money due to shortage of fiat currency. People need to understand that crypto can be alternative for fiat but not the replacement.

Great input. I think paper currency was very necessary at the time it was invented. Now, a new era has come. The era of cryptocurrency. However, paper currency shouldnt be made to look like it was a waste of time.

I agree, but without paper money with all of its policies, we also cannot run the economy in the real world smoothly, this is only a system to suppress uncertainty to be a useful link for humans so far. Imagine if the crypto becomes very large and fully decentralized, it will become a hot ball with a larger induction scam. The banker will also think to intensely enter the crypto and get worse. so far nothing will be really good.

It is very strange to believe that paper money is a scam.  When paper money was created, no one had suggested anything better to replace gold and silver when using it as a means of payment.  History shows how people and rulers manipulated gold and silver coins, reducing their weight, although their equivalent value did not change.  This problem was resolved with the release of paper money.  But today, non-cash payments occupy a special part of all financial transactions in the world, but we must also take into account the fact that a special layer of the world's population still uses paper money and will not refuse them, at least in the near future.

I've got the same problem in my country with a national fiat currency. Sometimes I buy dollars, but it's also a bad way. What about the stock market? It's a pretty good way to invest money, not so risky way and good growth rate of your money.

A gold standard will be many times better than what we have now but I will prefer if we skipped that step and used gold directly, first of all governments will never adopt the gold standard unless they are forced by the dire circumstances and even if they do you can be sure they will find an excuse in the future to leave the gold standard behind and have once again a fiat currency.

The only way to stop this is to use gold directly and not paper currency which represents gold, and if this is not possible because everyone is so used to use an electronic form of payment then we could use bitcoin instead of gold.

We are still using gold indirectly, the difference being now there is no fixed ratio between currency used and gold demandable.  The Swiss bankers were the last to leave a gold standard about 20 years ago but all central banks have some gold that in some part is the asset they leverage for the FIAT notes they issue.
   Thats how I read it, some banks increase their gold holdings every year and possibly the ratio of their gold to currency issued also.   So those countries are improving the quality of their money and its possible the market respects that and may raise the effective value.   Some countries hold a wealth fund of assets but not gold so much but most countries are operating some kind of debt store hence currency now is a promise to pay from the yield on this debt.    Value could collapse if the debt were to decline in value like the housing market of ten years ago, apparently Bitcoin was setup in response to that crisis or at least in orbit of those events.
   I dont think anyone will be forced to switch to gold except by a need to find solid value, the debt backing value now could become very uncertain.   If money is of uncertain value it may obstruct trade globally which makes us all poorer and some countries cannot provide for themselves without trade, Japan for example lacks processed water apparently and China lacks oil and needs to continue trade.  Russia and China have both been large buyers of gold in the last ten years and globally central banks have been net buyers of gold for a decade and I think that trend will continue because debt markets will likely reset or become illiquid.

Personally, I don't see a lot of connection here

As long as you can't convert your paper money to physical gold in accordance with the ratio of gold reserves to amount of money in circulation (what you seem to be trying to convey in your post), it makes no difference. I mean, the government can pile up gold like there's no tomorrow, and the currency can still be weak, unstable, and highly inflationary due to insane monetary policies of the same government. If you could in fact redeem paper money for gold, that would technically mean a variety of gold standard implemented (which is prohibited by the IMF rules)


Because they know they don't stand a damn chance in the modern world on their own. Their economies will collapse if they lose their foreign markets

I think paper money has better reputation than digital fiat paper backed money. The entire financial is based of blatant lies, scams, abuse in the entire human history.

This should be the right way, but our concerns here in about fiat, fiat is not in a good shape anymore because of its monetary policies, as you could see, many countries are suffering because of their economy facing poverty and one of the reasons is inflation, fiat losing its price slowly means the economy and country is at a great risk, one of the example for that is the country of Venezuela.

So, cryptocurrency is to the rescue, good thing is if the Government of a certain country will adopt bitcoin and forgot this being a low selfish idiotic mindset that the other Government have.