E-money is the ultimate form of Fiat if you ask me. All fiat has a history of corruption and collapse (the american dollar and other world currencies are heading that way as well). Fiat money is the money of the statist, since it allows those in charge of the press to create as much money as they need, while dilluting what the rest of us hold.
The question isn't "what form will money be in", the question should be "what assets will back our money". I don't care if its in the form of rice crispies, as long as it is backed by an asset (gold, food, land, space rocks) and has real value.
What amazes me is the ferosity of some of the people arguing with me. Its not like I am saying "switch back to gold", I'm just saying Fiat always implodes, and an electronic fiat will be no different. They can turn paper into anything they want, but as long as it isn't asset backed, it will not last.
Funny...seems like the concept of asset backed failed too. Why give up your monetary policy to whether or not someone discovers a cache of gold in the ground?
What is BEHIND that money... that is the question. (Score:5, Interesting)
E-money is the ultimate form of Fiat if you ask me. All fiat has a history of corruption and collapse (the american dollar and other world currencies are heading that way as well). Fiat money is the money of the statist, since it allows those in charge of the press to create as much money as they need, while dilluting what the rest of us hold.
The question isn't "what form will money be in", the question should be "what assets will back our money". I don't care if its in the form of rice crispies, as long as it is backed by an asset (gold, food, land, space rocks) and has real value.
YES, Exactly (Score:2)
Re:YES, Exactly (Score:1)
What amazes me is the ferosity of some of the people arguing with me. Its not like I am saying "switch back to gold", I'm just saying Fiat always implodes, and an electronic fiat will be no different. They can turn paper into anything they want, but as long as it isn't asset backed, it will not last.
Re:YES, Exactly (Score:0)
Re:YES, Exactly (Score:1)