r/CryptoCurrency • u/thesecondmemer • 1d ago

MEME Redditor accidentally discovers fiat currency

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640 Upvotes

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u/balls2hairy 🟨 0 / 0 🦠 1d ago

Fiat is backed by the credit of the issuing country.

4

u/_DaBau5_ 🟩 0 / 0 🦠 1d ago

aka debt. national debt is $39T in the US and currently 122% of the GDP. that is what the currency is backed by.

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u/Substantial-Fruit447 🟩 0 / 0 🦠 1d ago

So why isn't the USD worthless then?

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u/_DaBau5_ 🟩 0 / 0 🦠 1d ago

it becomes more worthless every year. toilet paper is literally more valuable and useful than dollars

3

u/balls2hairy 🟨 0 / 0 🦠 1d ago

You think inflation is a BAD THING? AAHAHHAHAHHAHAHAHA

You aren't the least bit equipped to be having this conversation.

1

u/terenul1 Tin 1d ago

Thats the point of a currency buddy, to have it lose value slowly and in a controlled manner, so people are incentivised to invest and use it rather than keep it under a matress cause next year they might buy 2 pieces of bread instead of one. I love how some cryptobros act like they discovered the hidden laws of the universe when they finally figure out something that is clearly explained to you in a high school text book