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Fiat vs. Bitcoin

fiatfate.com

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Re: Fiat vs. Bitcoin

#2

Post by candiodari »

Interesting graph. Of course it's saying a lot more about fiat currency than about bitcoin. The graph would look about the same with almost any commodity, stock, real estate, ... and so on and so forth. It would look the same (exponential shape) for any state, and crucially, it would look the same even if you went back centuries or even millenia.

The only real conclusion to draw from this is that governments have always spent more than they claim to spend, and they've always made up the difference by cheating with your money. The ancient Faraos did this, the Roman Senate and Emperors, the Athenean democracy did it, the Communists (Russians and Chinese) did it, and modern democracies do it. They've all been doing it this way, and for multiple millenia.

TLDR: Don't store wealth in fiat currency (or gold currency). Almost anything else performs better. This should not be news to anyone, but surprisingly few people seem to have realized this.

Re: Fiat vs. Bitcoin

#4

Post by [deleted] »

candiodari wrote: post #2

Interesting graph. Of course it's saying a lot more about fiat currency than about bitcoin. The graph would look about the same with almost any commodity, stock, real estate, ... and so on and so forth. It would look the same (exponential shape) for any state, and crucially, it would look the same even if you went back centuries or even millenia. The only real conclusion to draw from this is that governments have alw…

[deleted]

Re: Fiat vs. Bitcoin

#7

Post by cmac2992 »

candiodari wrote: post #2

Interesting graph. Of course it's saying a lot more about fiat currency than about bitcoin. The graph would look about the same with almost any commodity, stock, real estate, ... and so on and so forth. It would look the same (exponential shape) for any state, and crucially, it would look the same even if you went back centuries or even millenia. The only real conclusion to draw from this is that governments have alw…

Cheating, also known as deficit spending.

Re: Fiat vs. Bitcoin

#9

Post by kovek »

vernon99 wrote: post #8
caramelsuit wrote: post #6

Now if only you could by bread with bitcoin.

Which you can, for years now... lots of services provide debit cards tied to your bitcoin wallet. Instant purchases. Some examples: https://www.weusecoins.com/bitcoin-debit-cards/

We were just discussing this earlier with some friends. Don't bitcoin transactions take a large amount of time? A block takes 10 minutes to mine, and there is no guarantee your transaction will be picked up by the currently mined block (or the one after), because there is a limit on the number of transactions that can fit in a block. Are there solutions to this?

Re: Fiat vs. Bitcoin

#10

Post by jerrre »

kovek wrote: post #9
vernon99 wrote: post #8

Earlier quoted context omitted.

Which you can, for years now... lots of services provide debit cards tied to your bitcoin wallet. Instant purchases. Some examples: https://www.weusecoins.com/bitcoin-debit-cards/

We were just discussing this earlier with some friends. Don't bitcoin transactions take a large amount of time? A block takes 10 minutes to mine, and there is no guarantee your transaction will be picked up by the currently mined block (or the one after), because there is a limit on the number of transactions that can fit in a block. Are there solutions to this?

In the case of a debit card it can be pre-paid and/or the fees cover the costs just like with credit cards.
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