- Breach date: 16 October 2024
- Date added to HIBP: 7 November 2024
- Compromised accounts: 420,961
- Compromised data: Email addresses, Usernames
- Breach date: 16 October 2024
- Date added to HIBP: 7 November 2024
- Compromised accounts: 420,961
- Compromised data: Email addresses, Usernames
Crypto is a revolutionary product because it enables users to possess their own units of account. With great freedom, comes great security concerns. Keep in mind, the vast majority of scams are still conducted with fiat currency. Blaming ignorant crypto users does not overshadow the value digital assets provide to humanity. These benefits include: protection from fiat debasement, the ability to transact without intermediaries, global accessibility, privacy, and transparency. We’re using the fediverse for fucks sake, so some of these features ought to be seen positively by many of us. You’re absolutely right that greedy and gullible are drawn to crypto because “line goes up.” There will always be a learning curve for new technology and hard lessons will be taught to early adopters.
Every single time anyone mentions crypto always some idiot comes out of the woodwork and starts to have an argument about the definition of fiat.
So let’s just say this right now and then move on shall we, If it’s currency it’s fiat, therefore crypto is also fiat
Fiat is government-issued currency with no underlying commodity and no upper limit. Crypto has no government backing and its issuance is determined by each cryptocurrency system (maintained by miner consensus). Some crypto has upper limits and others do not. I think having no supply limit is the distinction you’re trying to define as fiat.
It just means that it is a representation of some other wealth. Gold isn’t fiat because gold itself is the thing that has value, currency is fiat because it is a representation of value not in and of itself valuable.
All currency is by definition fiat because all currency is a representation of value. And the crypto Bros keep telling us that bitcoin and similar are currency so they are therefore fiat.
By this reasoning, so is Monopoly money.