Why does bitcoin hate fiat money so much?

[Kyle91]

Since there is a variety of things you can buy with it, i don't see the hate. Sure i'm all for bitcoin but i don't hate fiat money as well, i find it weird that some people just don't approve of it. Do they live off bitcoin or something? No offense. I'm just curious.

[Serge]

society is sick of debt money.

another point, if you live in the states, just look at ever increasing national debt - does anyone sane think it's healthy?!

[LightRider]

Since there is a variety of things you can buy with it, i don't see the hate. Sure i'm all for bitcoin but i don't hate fiat money as well, i find it weird that some people just don't approve of it. Do they live off bitcoin or something? No offense. I'm just curious.

Perhaps you are confusing hate with reasoned rejection. If you were to learn more about how fiat money works, you might reach the same conclusions.

[knight22]

Since there is a variety of things you can buy with it, i don't see the hate. Sure i'm all for bitcoin but i don't hate fiat money as well, i find it weird that some people just don't approve of it. Do they live off bitcoin or something? No offense. I'm just curious.

Watch vids in my signature

[vaio127]

http://www.youtube.com/watch?v=mII9NZ8MMVM

Another great video on the subject.

[shawshankinmate37927]

Since there is a variety of things you can buy with it, i don't see the hate. Sure i'm all for bitcoin but i don't hate fiat money as well, i find it weird that some people just don't approve of it. Do they live off bitcoin or something? No offense. I'm just curious.

I think you'll find that a lot of folks in the Bitcoin community prefer to live below their means and accumulate savings.  Those who live beyond their means and tend to accumulate debt sometimes have a hard time understanding Bitcoin and are actually better off with fiat.

Money isn't just a medium of exchange.  It's also a store of value.  Bankers can't steal the purchasing power of bitcoins by creating more of them and then handing them over to politicians like they can with fiat.

[rtt]

Since there is a variety of things you can buy with it, i don't see the hate. Sure i'm all for bitcoin but i don't hate fiat money as well, i find it weird that some people just don't approve of it. Do they live off bitcoin or something? No offense. I'm just curious.

Simple:

Bitcoin, chosen by each participant in the network freely = freedom
Fiat forced upon us by governments = slavery

I, a free man need no fucking Nimrod-In-Chief and his clique to tell me how to live my life. In fact, I find their presence harmful.

[TippingPoint]

Hate is inward-directed negativism.  

Just buy low and sell high.  Don't worry about the rest.

[JoelKatz]

Since there is a variety of things you can buy with it, i don't see the hate. Sure i'm all for bitcoin but i don't hate fiat money as well, i find it weird that some people just don't approve of it. Do they live off bitcoin or something? No offense. I'm just curious.

I think the core objection to fiat money is that the issuer can create an unlimited quantity of it, depriving other people of value and imposing a hidden tax.

[Phinnaeus Gage]

Upon reading the title of this thread, I couldn't help but wonder why rocks hate moving water.

[jmbb28]

You've probably just opened a huge can of worms here, my friend.  This is a deep and interesting topic that could span many books, but here is my abridged take, the ideas of which permeate the other comments in the thread.

The core basis beyond Bitcoin's popularity runs deeper, IMHO, than merely that fiat is inflationary and can be created by the press of a button by a certain privileged few, although that is certainly a big part of it.  In fact, as I'm sure many people on this board knows, it wasn't always the case that the US dollar was inflationary.  In fact, at one point in time, the US dollar was pegged to gold, and it wasn't until quite recently that the dollar became free-floating.  See http://en.wikipedia.org/wiki/Nixon_shock.  A free-floating dollar, printable by the Fed, enables all sorts of activities that are favorable to some, and not favorable to others.  While it is true that the dollar as it exists today benefits USG and enables it to do all sorts of things it would otherwise be unable to do, it would be incorrect to say that the dollar as it exists today only benefits the government.  An inflationary currency, generally speaking, benefits debtors at the expense of savers.  In addition to this, the current structure of USG and its banks allows certain parties to benefit more from the money-printing than others.  Those closer to the creation of money can reap the benefits of this new money before its effects are distributed to the wider populace.  In the US, these are mainly banks and other entities that have close ties with the Fed and central government.

My view is that Bitcoin is popular because it confers great power to the individual, power that central governments have managed to co-opt for most of history.  Indeed, the power of coinage is one of the greatest weapons a government can have, and enables the government to do one main thing that it would otherwise be unable to do - grow.  Giving up this power is something governments will not abide.  It is not a coincidence that Bitcoin is popular among a certain group of techno-libertarians, and population subset that doesn't conveniently align with the traditional political classifications that we're taught to identify with.  Having this as background with give a lot of context to the hostility of governments have for Bitcoin and virtual currencies.  While many might view Bitcoin has merely a new virtual currency that make certain payments easier and more cheaply, governments are quite aware of Bitcoin's true implications.

[Lethn]

Learn some real history and not the bullshit in schools or universities, then you'll understand precisely why many people in the Bitcoin users hate paper money I've actually decided I won't do business in paper anymore unless it's absolutely necessary. Nevermind all the economics stuff behind it, those twats will do anything to get your personal information and credit/debit card information so this is the best way I can think of to tell them to fuck off.

[Nigeria Prince]

I've actually decided I won't do business in paper anymore unless it's absolutely necessary.

How you buy food?
Bitcoin?

[bitcon]

I've actually decided I won't do business in paper anymore unless it's absolutely necessary.

How you buy food?
Bitcoin?

i've been looking up #bitcoin on instagram a lot lately. have been seeing more and more pictures of business popping up that accept bitcoin. i encourage instagram users to photograph and post the businesses / shops name and location that accept BTC using hashtags. if you have a shop, put a BTC accepted here logo in your window. this form of advertisement helps your business and the btc economy and makes it easier for folks who want to use bitcoin exclusively.

[Kyle91]

Learn some real history and not the bullshit in schools or universities, then you'll understand precisely why many people in the Bitcoin users hate paper money I've actually decided I won't do business in paper anymore unless it's absolutely necessary. Nevermind all the economics stuff behind it, those twats will do anything to get your personal information and credit/debit card information so this is the best way I can think of to tell them to fuck off.

do you live on the streets with canned foods or something?

[Come-from-Beyond]

Why does bitcoin hate fiat money so much?

Coz Bitcoin won't survive if its price is not 1000000+ USD for a coin. This possible only if all fiat currencies die.

[600watt]

I've actually decided I won't do business in paper anymore unless it's absolutely necessary.

How you buy food?
Bitcoin?

i've been looking up #bitcoin on instagram a lot lately. have been seeing more and more pictures of business popping up that accept bitcoin. i encourage instagram users to photograph and post the businesses / shops name and location that accept BTC using hashtags. if you have a shop, put a BTC accepted here logo in your window. this form of advertisement helps your business and the btc economy and makes it easier for folks who want to use bitcoin exclusively.

nice idea ! put up a thread 

[crumbs]

Bitcoin hates nothing and no one.  Some of the bitcoiners don't understand how fiat works, and, like most dull normals, hate what they can't understand.
Throughout history, mankind had a love/hate relationship with money -- from Biblical "... love of money is the root of all evil" to money changers, bankers & the rich, money was simultaneously envied & loathed by the great unwashed.
Nothing much changed:  The same bitcoiners who hate bankers are lending bitcoins at hyper-usurious rates, plan on becoming filthy rich without putting in work, and ape the real financial sector in every way open to them -- from trading on mock stocks exchanges to profiteering from currency instability to swindling each other with ponzi schemes.
It's a bit of inept imitation, a bit of a cargo cult, and plenty of envy-fueled hate -- of the scammers who did it first & did it right.

[TippingPoint]

Bitcoin hates nothing and no one.  Some of the bitcoiners don't understand how fiat works, and, like most dull normals, hate what they can't understand.
Throughout history, mankind had a love/hate relationship with money -- from Biblical "... love of money is the root of all evil" to money changers, bankers & the rich, money was simultaneously envied & loathed by the great unwashed.
Nothing much changed:  The same bitcoiners who hate bankers are lending bitcoins at hyper-usurious rates, plan on becoming filthy rich without putting in work, and ape the real financial sector in every way open to them -- from trading on mock stocks exchanges to profiteering from currency instability to swindling each other with ponzi schemes.
It's a bit of inept imitation, a bit of a cargo cult, and plenty of envy-fueled hate -- of the scammers who did it first & did it right.

That was better than average.

[BurtW]

I think hate it the wrong word.  Anger it is more like it.

I think this (directly from the horse's mouth) sum up the reason for our fear/anger/hate nicely:

http://research.stlouisfed.org/fred2/graph/?id=BASE