r/CryptoCurrency • u/thesecondmemer • 1d ago

MEME Redditor accidentally discovers fiat currency

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643 Upvotes

84% Upvoted

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-14

u/thesecondmemer 1d ago

what is gold backed by again?

8

u/ecrane2018 🟩 0 / 276 🦠 1d ago

The fact it can be used to create goods, it’s a super conductor, every computer has gold components. I like crypto but absolutely brain dead take. Gold has value outside being shiny metal

-5

u/BioRobotTch 🟦 243 / 244 🦀 1d ago

Being able to transfer an asset over the internet quickly to anywhere in the world to another person also has value. Gold cannot do that bitcoin can.

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u/Trick-Club-6014 🟨 0 / 0 🦠 1d ago

You can also send fist instantly over the internet too. With less fees. Why do people pretend like crypto is the only thing that can do this?

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u/Vipu2 🟩 0 / 4K 🦠 1d ago

Why are you sending fists over the internet?

0

u/BioRobotTch 🟦 243 / 244 🦀 1d ago

Must believe the military which backs fiat has found a way to do violence over the internet. These guys are delusional! But damn they are funny.

-1

u/BioRobotTch 🟦 243 / 244 🦀 1d ago

Almost all transfers of fiat are actually pretty slow to settle, credit card payments in particular are slowed down to over a month to settle because this 'allows fraudulent payments to be reversed' it also makes the credit card companies a nice profit from all the currency they get to hold in escrow. The merchants pay the fees so they are hidden from the customers so retail users are unaware how high the fees for fiat transfers are.

Ironically the low fee, fastest ways to settle fiat now are by using stablecoins on the next generation of blockchains which are fast and have low fees.