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Bitcoin debacle: 850,000 bitcoins gone or half a billions dollars
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<blockquote data-quote="tomBitonti" data-source="post: 6270872" data-attributes="member: 13107"><p>See, "fiat money" (which I've read more as "fiat currency"):</p><p></p><p><a href="http://en.wikipedia.org/wiki/Fiat_money" target="_blank">http://en.wikipedia.org/wiki/Fiat_money</a></p><p></p><p>And "representative money":</p><p></p><p><a href="http://en.wikipedia.org/wiki/Representative_money" target="_blank">http://en.wikipedia.org/wiki/Representative_money</a></p><p></p><p>While folks are wedded, so it would seem, to the idea that money is, or should be, representative, the fact of the matter is that modern economies work on fiat money, and have done so for quite some time.</p><p></p><p>A key feature of fiat money is the process by which new money is created. For example, debt is treated as an asset, and is involved in money creation:</p><p></p><p><a href="http://en.wikipedia.org/wiki/Money_creation" target="_blank">http://en.wikipedia.org/wiki/Money_creation</a></p><p></p><p>What this all means is that money is rather a different thing than many people realize or understand. Common notions of value are, as it seems, often are quite faulty, in particular, as relates to issues of valuation, and quite especially, as relates to the notion of intrinsic value.</p><p></p><p>While, removing control of money creation from the caprices of government officials, who may be corrupted, is an ideal, in practice, while the effect of corruption may be lessened, it is still there. The boat on which rode the question whether to use Fiat money has long sailed.</p><p></p><p>Thx!</p><p></p><p>TomB</p></blockquote><p></p>
[QUOTE="tomBitonti, post: 6270872, member: 13107"] See, "fiat money" (which I've read more as "fiat currency"): [url]http://en.wikipedia.org/wiki/Fiat_money[/url] And "representative money": [url]http://en.wikipedia.org/wiki/Representative_money[/url] While folks are wedded, so it would seem, to the idea that money is, or should be, representative, the fact of the matter is that modern economies work on fiat money, and have done so for quite some time. A key feature of fiat money is the process by which new money is created. For example, debt is treated as an asset, and is involved in money creation: [url]http://en.wikipedia.org/wiki/Money_creation[/url] What this all means is that money is rather a different thing than many people realize or understand. Common notions of value are, as it seems, often are quite faulty, in particular, as relates to issues of valuation, and quite especially, as relates to the notion of intrinsic value. While, removing control of money creation from the caprices of government officials, who may be corrupted, is an ideal, in practice, while the effect of corruption may be lessened, it is still there. The boat on which rode the question whether to use Fiat money has long sailed. Thx! TomB [/QUOTE]
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