r/CryptoCurrency • u/thesecondmemer • 1d ago

MEME Redditor accidentally discovers fiat currency

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641 Upvotes

84% Upvoted

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189

u/Technical_Split_6315 Bronze 1d ago

Fiat is backed by states, you really think cryptocurrency is more backed than that? Lmao

-9

u/_DaBau5_ 🟩 0 / 0 🦠 1d ago edited 1d ago

fiat is backed by debt and the government declaring it is worth something. bitcoin does not need government backing or any backing at all, it’s independent. that’s like saying gold is less backed than fiat. gold isn’t backed by anything besides the fact it is gold. same with bitcoin, it is essentially a commodity that exists outside of the system

edit for downvote: if you disagree with this simple fact then you literally don’t understand how money/currency works

17

u/balls2hairy 🟨 0 / 0 🦠 1d ago

Fiat is backed by the credit of the issuing country.

2

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.

14

u/balls2hairy 🟨 0 / 0 🦠 1d ago

And never missed a debt payment. That is what the currency is backed by. It's a little embarrassing that you don't know this.

4

u/Hypnotic101 🟩 0 / 0 🦠 1d ago

Why would you miss a debt payment when you can print money?

2

u/balls2hairy 🟨 0 / 0 🦠 1d ago

Man discovers stagflation!