SpaceLifeFormThe worst invention ever created: Fiat Currency
I will bet you a Bitcoin and an NFT this is true.
Stu Duerson, machina exo deusI could but I have no hamburgers today.
Also, "Yes! We Have No Bananas"
Glenn@skydog @SpaceLifeForm I've heard somewhere that McDonald's does!
Kevin Karhan 
@SpaceLifeForm not really...
Before #fiat, we already had #credit and that is way worse because it created #debt and #slavery...
How Credit Controls Your World
Excellent summary in your link.
One thing not mentioned though.
When I mentioned Fiat, I was referring to Paper Money.
Metal coins were valuable and held their value. While you could not eat them, you could make bullets out of them.
https://www.investopedia.com/ask/answers/09/gold-standard.asp
The gold standard is not currently used by any government. Britain stopped using the gold standard in 1931, and the U.S. followed suit in 1933, finally abandoning remnants of the system in 1973. The gold standard was completely replaced by fiat money, a term to describe currency that is used because of a government's order, or fiat, that the currency must be accepted as a means of payment. In the U.S., for instance, the dollar is fiat money, and in Nigeria, the naira is.
The appeal of a gold standard is that it arrests control of the issuance of money out of the hands of imperfect human beings. With the physical quantity of gold acting as a limit to issuance, a society can potentially avoid the perils of inflation.
@SpaceLifeForm TBH, all #currency - even antique #metal #coins - is based off #fungibility.
- That's why #BurgerKing in #Germany accepted #USD and not just #Euro and would happily sell me a Cheeseburger for a $5 note just as with a €5 note ( they only exchanged in Euro but that's beyond the point).
The reason why I can't even buy fries with 5.000 KPW [North Korean Won] has nothing to do with North Korea, but entirely with the fact that noone wants that money.
- And that fungibility is why the #USD is even relevant and why the #Euro is stable: Because you can actualy buy shit with it.
#Gold, #Silver, #Platinum and even #Copper are not only inconvenient beyond small sums because they weight a lot but because their value sometimes fluctuates harder than #Monero and with the exception of Copper there had been Mass #Confiscations aka. state-based #theft of these per law.
Therefore it's absurd to think that any metal- or other commodity-based currency could be established that would see actual use-case beyond being an expensive #Shitcoin aka. #SecuritiesFraud-based #Scam.
The only reason #Bitcoin has any value is because #Billionaires and #Oligarchs use it to commit #TaxFraud and #CapitalFlight in order to have an #ExitStrategy left if or rather when their #Oligarchy - regardless if #Russia, "P.R." #China, #UK or #USA implodes to buy themselves in elsewhere as "#EconomicRefugees" or rather #fugitives in a juristiction that doesn't extradite them for their *"#WhiteCollarCrime".
The only reason #Ethereum has any value is because it's the more "accessible" alternative to Bitcoin so mere #Millionaires can afford similar "#AssetProtection" strategies ...
#Monero derives it's value not by having #Billions in on-paper-value locked in but entirely upon it's #fungibility and speed as a #PaymentSystem, beating #Hawala and #MoneyTransfer providers by so wide margins that it feels like #US-style #ACH Money Transfers getting steamrolled by #SEPA #WireTransfer: They ain't even in the same millenium!
So if you want to sell me on some #RareMetal #investment scheme: Please fuck off!
If not, disregard the last sentence...
Thanks.
Before money, there was barter.
@SpaceLifeForm that's what I just said: #credit and direct exchange of goods...
I was thinking you do not need the credit aspect.
You can just trade goods or services directly.
Example: Two people that have different skillsets. Person A is a roofer, person B is a plumber. A can fix the roof of person B, and B can fix the plumbing of person A.
They can avoid income tax.
@SpaceLifeForm the problem is that rarely two people have things they want to exchange directly.
- I.e. my landlord doesn't need my labour as IT professional.
Also I think #TaxAvoidance is antisocial and that income from #RoboWealth aka. #capital should be taxed and subject to fees and deductions at least as much if not harder than #WageWork since it's #ValueRemoving from society.
Neil E. Hodges@SpaceLifeForm Fiat currency is a scam. >:(