this is not what people mean when they say "it isn't real money". strawman argument is unconvincing. if you could pay for the taxi ride with cryptocurrency it would be about as real as fiat currency, but you can't, so it isn't.https://twitter.com/julian0liver/status/958080067233615872 …
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Replying to @danlistensto
That’s not the main point…if the value of something can fluctuate by 50-60%within a few days it is not a currency,it is a volatile commodity
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Replying to @blaiddrwg
yes, that's a very good reason why nobody wants to use it as currency, but there are definitely examples of fiat currencies having similar volatility (Venezuela right now comes to mind). I was responding to the stated reason in the example though.
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Replying to @danlistensto
Exactly,Venezula-type hyperinflation is one of the marks of a failed currency.I’d have no issue with calling BitCoin a“terrible currency” :)
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Replying to @blaiddrwg
well, it would be a terrible currency if you could even buy anything with it besides darknet drugs and malware ransoms.
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Replying to @danlistensto
We are basically argue t opposite sides of a chicken/egg question: It’s not used as fiat bc it’s not stable,it’s not stable bc it’s not fiat
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Replying to @blaiddrwg
it's not fiat b/c it's not fiat. Fiat means "let it be so", meaning, an outside authority declares the legal status of a thing. There is no authority that can declare fiat status for cryptocoins, it's decentralized by design.
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the "moneyness" of something is a matter of social convention, and who is willing to accept a thing as currency. that's orthogonal to whether or not it's fiat money.
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