tepakpak
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September 06, 2018, 05:35:08 PM |
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Although I agree that fiat currency always fails, it will still continue to exist. Somehow, fiat is a bit like bitcoin in the sense that the exchange rate goes up and down quite frequently. Plus I do not think that there is and should be a competition between fiat and cryptocurrency, right?
yes, right, competition between fiat and crypto does not need to be precisely the two must work together as a way to increase the second value of the money.
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South Park
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September 06, 2018, 05:48:01 PM |
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See: There Is No Escaping History. Fiat Currency Eventually Fails. Notice that this is a critique of fiat money -- not a critique of state-issued money under a gold/silver or other standard. Fiat money is a rare occurrence in modern history. (We live in strange times!) As we can see, the examples found by the author are a small number of short periods here and there. I have my own critique of gold/silver standards, but that's another issue. This is true but the big problem here is not that fiat currency fails but the terrible effects it has in the economy in general and in the economy of each person, when the fiat currency fails it tends to sink the country and everyone becomes poorer because of it and then you need to trust that the government is going to finally get it right when they issue a new currency.
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SunJAB
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September 06, 2018, 10:31:23 PM |
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I think it was not born to fight. So there will be no failure. The main purpose is to promote the economy and give people economic exchanges. The appearance of it has centuries of currency. So there will be no battle to fail. It is the existence that exists in this life. That is my opinion.
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﹏﹏﹋﹌﹌ WPP ENERGY ﹌﹌﹋﹏﹏ ☆═══━┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈━═══☆ ≈ WORLD POWER PRODUCTION ≈ █ █ █
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Neutrality
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September 06, 2018, 10:39:29 PM |
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See: There Is No Escaping History. Fiat Currency Eventually Fails. Notice that this is a critique of fiat money -- not a critique of state-issued money under a gold/silver or other standard. Fiat money is a rare occurrence in modern history. (We live in strange times!) As we can see, the examples found by the author are a small number of short periods here and there. I have my own critique of gold/silver standards, but that's another issue. This is true but the big problem here is not that fiat currency fails but the terrible effects it has in the economy in general and in the economy of each person, when the fiat currency fails it tends to sink the country and everyone becomes poorer because of it and then you need to trust that the government is going to finally get it right when they issue a new currency. Yes, fiat money being not back by anything, lets governments off the leash and gives them an instrument to abuse, and it's not surprising that most of politicians do abuse it following their selfish goals.
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talenah kotang
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September 06, 2018, 11:19:24 PM |
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There is no fiat that failed, so far Fiat has been very helpful in the community. fiat has existed since a long time ago, maybe now we can say that fiat failed because the economy is increasingly pressing so it raises the assumption of another currency.
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White Christmas
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September 06, 2018, 11:25:20 PM |
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Although I agree that fiat currency always fails, it will still continue to exist. Somehow, fiat is a bit like bitcoin in the sense that the exchange rate goes up and down quite frequently. Plus I do not think that there is and should be a competition between fiat and cryptocurrency, right?
yes, right, competition between fiat and crypto does not need to be precisely the two must work together as a way to increase the second value of the money. Yes in the first place, crypto amd fiat are very different from each other. Characteristics and even its value they are just both a curremcy which people need. Fiat will always be fiat even it fails unlike to crypto that when it fail it will be useless to people who have it.
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BTC_BTC
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September 07, 2018, 01:02:23 AM |
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See: There Is No Escaping History. Fiat Currency Eventually Fails. Notice that this is a critique of fiat money -- not a critique of state-issued money under a gold/silver or other standard. Fiat money is a rare occurrence in modern history. (We live in strange times!) As we can see, the examples found by the author are a small number of short periods here and there. I have my own critique of gold/silver standards, but that's another issue. Fiat money is money that has no intrinsic value (material value). He only keeps extrinsic value, namely the recognized exchange rate and obtains legality from the state.
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STT
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September 07, 2018, 06:45:23 AM |
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The problem is that now all the money issued by countries is fiat after the United States went out of the gold standard in 1971 which means that if the main fiat currency around the world the dollar were to collapse that could in theory collapse the entire economy of the world.
Dollar itself has adjusted from a proper link to some kind of unknown backing and is entering its final stage of no backing at all except the willpower of foreign creditors to keep buying debt despite a long term trade imbalance and a potential trade sanction war to discourage trade. Its all adding up to make dollar prospects unlikely to best over any solid alternative. The point is these things happen gradually, for example with the USA dropping gold at Nixon's command it still left some standards left for a few years after like the Swiss held a gold backed currency for decades until the end of the century. They recently voted to return to a gold standard but instead dropped a policy of duplicating EURO money printing which helped restore some value to their national currency. Other countries will not collapse from just one country. I dont even think USA will cease for the idea of paper, alternatives will be found and BTC is just one of many hence why its most important it be made as easy to use as possible for a diverse population. Other possibles are commodity backed currency such as Canada or Australia which in the main are large land masses with centuries of assets to back the worth of a national note. USA can justify returning from a dollar failure, it just be a hiccup not the grand melt down some might fear. We will be better of without false dollar value, collapse is not the result but unsuppressed growth. This is presuming we dont do silly stuff like go to war, debt failing can produce some angry people
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tee-rex
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September 07, 2018, 09:38:27 AM |
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See: There Is No Escaping History. Fiat Currency Eventually Fails. Notice that this is a critique of fiat money -- not a critique of state-issued money under a gold/silver or other standard. Fiat money is a rare occurrence in modern history. (We live in strange times!) As we can see, the examples found by the author are a small number of short periods here and there. I have my own critique of gold/silver standards, but that's another issue. Fiat money is money that has no intrinsic value (material value). He only keeps extrinsic value, namely the recognized exchange rate and obtains legality from the state. I understand what you want to say and in most cases it is quite reasonable to assume that fiat doesn't have any intrinsic value. However, technically, money, any money for that matter, has a certain intrinsic value for just being money, for being used as money. It is specific to an object being money, not the object itself. This is called transactional utility, which essentially comes down to advantages that money provides over direct exchange of things, in other words, barter. And this utility can be measured in money terms too, i.e. in the same money (understanding that is not quite straightforward, though). It is called the price of money, and it typically considered to match the overnight interest rates that large banks use to borrow and lend from each other in the interbank credit market.
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ToyotaFortuner
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September 07, 2018, 12:04:51 PM |
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yes maybe not only in fiat currency if you are aware of the cryptocurrency currency conditions also have a very high risk and can even be failed because in the future no one will know whether the technology is still used or not.
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valentine401
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September 07, 2018, 12:45:52 PM |
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See: There Is No Escaping History. Fiat Currency Eventually Fails. Notice that this is a critique of fiat money -- not a critique of state-issued money under a gold/silver or other standard. Fiat money is a rare occurrence in modern history. (We live in strange times!) As we can see, the examples found by the author are a small number of short periods here and there. I have my own critique of gold/silver standards, but that's another issue. Fiat will fail depending on the economy, the price of cryptocurrency will decrease depends on the inflation rate while cryptocurrency is just basing on supply and demand, that's the reason i prefer digital coins rather than fiat.
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JackdunR
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September 07, 2018, 12:54:51 PM |
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Fiat is the strongest currency I think the market will never be able to replace the fiat and into it the cryptographic coin, the crypto is just to support the economy somewhat
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South Park
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September 07, 2018, 09:48:16 PM |
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See: There Is No Escaping History. Fiat Currency Eventually Fails. Notice that this is a critique of fiat money -- not a critique of state-issued money under a gold/silver or other standard. Fiat money is a rare occurrence in modern history. (We live in strange times!) As we can see, the examples found by the author are a small number of short periods here and there. I have my own critique of gold/silver standards, but that's another issue. This is true but the big problem here is not that fiat currency fails but the terrible effects it has in the economy in general and in the economy of each person, when the fiat currency fails it tends to sink the country and everyone becomes poorer because of it and then you need to trust that the government is going to finally get it right when they issue a new currency. Yes, fiat money being not back by anything, lets governments off the leash and gives them an instrument to abuse, and it's not surprising that most of politicians do abuse it following their selfish goals. And that is another problem with fiat currencies, in theory a fiat currency could work but politicians abuse its power, they do not want to pass unpopular laws to raise taxes and they use the easy way out of just printing more fiat currency and tax people in a subtle way but eventually like always they are going to lose control of the system and it will crash.
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tonyosa
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September 07, 2018, 09:50:31 PM |
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Fiats will eventually fail in most instances as there is nothing to back it and it is often abused by the Government by constant devaluation (inflation), printing too much of it to meet it s needs
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andika2018
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September 08, 2018, 01:15:25 AM |
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See: There Is No Escaping History. Fiat Currency Eventually Fails. Notice that this is a critique of fiat money -- not a critique of state-issued money under a gold/silver or other standard. Fiat money is a rare occurrence in modern history. (We live in strange times!) As we can see, the examples found by the author are a small number of short periods here and there. I have my own critique of gold/silver standards, but that's another issue. Paper money created with no back up asset and just trust on government. Maybe thats why fiat money always reduced the purchasing power value. Central banks always print paper money to boost economic growth but inflation always increase
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MMysterious
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September 08, 2018, 01:24:42 AM |
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I do agree with you with this topic. In some point fiat currency fails, when time flies the purchasing power of fiat is decreasing. 1$ is not the value of $1 anymore. Get it? it keeps depreciating in value. and 5% of the people around the world is the major holder of fiat currency. I dont think its a good thing right?
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MUG1WARA
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September 08, 2018, 01:30:49 AM |
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in some countries there is a lot of inflation with small or large numbers, but in my opinion it has nothing to do with the failure of fiat money because fiat is money that is used and controlled by the government so a good government will still maintain the exchange rate of its currency
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South Park
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September 08, 2018, 07:59:19 PM |
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in some countries there is a lot of inflation with small or large numbers, but in my opinion it has nothing to do with the failure of fiat money because fiat is money that is used and controlled by the government so a good government will still maintain the exchange rate of its currency
Then you don't really know what is inflation, inflation is nothing more than the expansion of the money supply, for example bitcoin suffers inflation every year since miners mine new bitcoin every day, but this is a controlled process, but the governments just print as much fiat currency as they like and then they want to establish price controls which always fails, we have seen that story many times already, we know how it ends, and it always ends with the destruction of the fiat currency.
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djgtr
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September 08, 2018, 09:28:22 PM |
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Very interesting article and by the sounds of things we may be heading for some trouble id the US keeps the printing presses moving.
I dont know enough of economics but these recent 'trade war' rumours could have an effect on the world economy.
What will be the result of over printing the $ and a trade war be?
Hyperinflation, you'd get a venezualian situation or post WW1 Germany. Its food stamps and no jobs when that happens. But in context of Bitcoin, will likely do very fucking well. In bitcoin their is always have a different situations that would always depends on how the bitcoiner run his own world. In Germany Bitcoin is already legalized it is because a lot of supporters and creators wants to achieve the perfect status of the cryprocurrencies.
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setialovers
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September 09, 2018, 01:26:57 AM |
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See: There Is No Escaping History. Fiat Currency Eventually Fails. Notice that this is a critique of fiat money -- not a critique of state-issued money under a gold/silver or other standard. Fiat money is a rare occurrence in modern history. (We live in strange times!) As we can see, the examples found by the author are a small number of short periods here and there. I have my own critique of gold/silver standards, but that's another issue. Fiat money or paper money always printed because the reason of economic growth. Fails on this strategy is central banks creating time bomb called inflation and inflation will decreasing money value and i think thats why economic crisis always happen
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