Journal damn_registrars's Journal: The non-fiat currency argument, v 8624.1 2
A recent front page article here on bitcoin brought up yet another slashdot recitation of "fiat currency is teh EVIL!".
I'll freely admit I am not an economist, so I am certainly not as well versed on the matters of fiat vs non-fiat as those who are. However when I saw this come up I raised essentially the same question I've raised every time I've seen this come up, and again no response was given.
Where in the world today is a non-fiat currency being used in any substantial amount? Even the British Pound Sterling is fiat - it hasn't been linked to the value of a pound of sterling in a long time - in spite of its name suggesting otherwise.
Of course the fact that essentially all of the world's economy runs on fiat currency doesn't mean it's right for it to do so, but the near complete extinction of non-fiat currencies in the world seems to suggest that non-fiat currencies have an important downside. Is it at all possible for economies to grow beyond a certain cap if their trading is based on a non-fiat currency?
I'll freely admit I am not an economist, so I am certainly not as well versed on the matters of fiat vs non-fiat as those who are. However when I saw this come up I raised essentially the same question I've raised every time I've seen this come up, and again no response was given.
Where in the world today is a non-fiat currency being used in any substantial amount? Even the British Pound Sterling is fiat - it hasn't been linked to the value of a pound of sterling in a long time - in spite of its name suggesting otherwise.
Of course the fact that essentially all of the world's economy runs on fiat currency doesn't mean it's right for it to do so, but the near complete extinction of non-fiat currencies in the world seems to suggest that non-fiat currencies have an important downside. Is it at all possible for economies to grow beyond a certain cap if their trading is based on a non-fiat currency?
Start here (Score:2)
https://rationalwiki.org/wiki/... [rationalwiki.org]
Re: (Score:2)
Though honestly I'm trying to find a reasonable source that won't just confirm my own bias on the matter. Granted the fact that I view Ron Paul and his church to be a bunch of morons probably doesn't help but I figured somewhere out there one might be able to find something resembling a valid argument for non-fiat currency.
Or maybe not.