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wycats's profile
Yehuda Katz 🥨
Yehuda Katz 🥨
Yehuda Katz  🥨
Verified account
@wycats

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Yehuda Katz  🥨Verified account

@wycats

Tilde Co-Founder, OSS enthusiast and world traveler.

Portland, OR
yehudakatz.com
Joined August 2007

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    Yehuda Katz  🥨‏Verified account @wycats 12 Dec 2017

    How is Bitcoin not a "fiat" currency?

    8:14 AM - 12 Dec 2017
    • 1 Retweet
    • 14 Likes
    • Elijah Zupancic Adam Dill Tomasz Stachewicz JB Angelika Tyborska psvensson runako Chris Cerami Robert DeLuca
    17 replies 1 retweet 14 likes
      1. New conversation
      2. Aleš Najmann‏ @faustcz 15 Dec 2017
        Replying to @wycats

        what matters is if it's voluntary or forced by government. Nobody can force you to use bitcoin, but government can and it will force you to use their money. It's as easy as that.

        1 reply 0 retweets 0 likes
      3. Yehuda Katz  🥨‏Verified account @wycats 15 Dec 2017
        Replying to @faustcz

        Is that the definition of fiat?

        1 reply 0 retweets 0 likes
      4. Aleš Najmann‏ @faustcz 15 Dec 2017
        Replying to @wycats

        pretty much it is https://en.wikipedia.org/wiki/Fiat_money 

        1 reply 0 retweets 0 likes
      5. Yehuda Katz  🥨‏Verified account @wycats 15 Dec 2017
        Replying to @faustcz

        Why does bitcoin have intrinsic value?

        1 reply 0 retweets 0 likes
      6. Aleš Najmann‏ @faustcz 15 Dec 2017
        Replying to @wycats

        Intrinsic value is not important attribute of bitcoin. Bitcoin value is established by market forces, supply and demand. Voluntary demand - again, no government regulation. It's written in the article.

        1 reply 0 retweets 0 likes
      7. Yehuda Katz  🥨‏Verified account @wycats 15 Dec 2017
        Replying to @faustcz

        why are market forces of supply and demand a good attribute for a currency to have?

        1 reply 0 retweets 0 likes
      8. Aleš Najmann‏ @faustcz 15 Dec 2017
        Replying to @wycats

        Market forces are general mechanism to spread out and maximize utility between members of one/or many social groups. By taking part in market transaction everyone benefits otherwise it would make no sense to participate. It's essential economics principle, isn't it?

        1 reply 0 retweets 0 likes
      9. Yehuda Katz  🥨‏Verified account @wycats 15 Dec 2017
        Replying to @faustcz

        Is it possible for people to participate in a market without benefiting? Is it possible for markets to introduce coercive or irrational behavior even in the absence of a government?

        1 reply 0 retweets 0 likes
      10. 1 more reply
      1. New conversation
      2. Jason Karns‏ @jasonkarns 12 Dec 2017
        Replying to @wycats

        Because the supply is limited and more can't simply be printed?

        1 reply 0 retweets 0 likes
      3. Yehuda Katz  🥨‏Verified account @wycats 12 Dec 2017
        Replying to @jasonkarns

        The value was established by "fiat" and more can be "printed" as part of its core technical design.

        0 replies 0 retweets 1 like
      4. End of conversation
      1. Sean Griffin‏ @sgrif 12 Dec 2017
        Replying to @wycats

        Because it's not a currency, it's a speculative asset.

        0 replies 0 retweets 5 likes
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      1. New conversation
      2. Isaac Rabinovitch‏ @isaac32767 12 Dec 2017
        Replying to @wycats

        You could argue that it's not even a fiat currency, since no government is requiring you to use it. But it has value because people think it has value. In that respect it's no different from any widely used currency.

        2 replies 0 retweets 1 like
      3. randallsquared‏ @randallsquared 12 Dec 2017
        Replying to @isaac32767 @wycats

        But everything has value because people think it has value. If something has essentially no value apart from trade value, and if more of it can be created at (someone’s) will, then it’s fiat. The former is true of btc, but not the latter.

        1 reply 0 retweets 0 likes
      4. Isaac Rabinovitch‏ @isaac32767 12 Dec 2017
        Replying to @randallsquared @wycats

        So, government (let's drop that loaded f-word) currencies are valuable as long as you trust the central bank not to debase them, and cryptocurrencies are valuable as long as you trust the software infrastructure to make using them reliable and safe. 1/2

        1 reply 0 retweets 1 like
      5. Isaac Rabinovitch‏ @isaac32767 12 Dec 2017
        Replying to @isaac32767 @randallsquared @wycats

        I gotta tell you, I have more faith in the Federal Reserve right now than I do in Bitcoin infrastructure. 2/2

        0 replies 0 retweets 2 likes
      6. End of conversation
      1. Aaron Eischeid‏ @aeischeid 12 Dec 2017
        Replying to @wycats

        Any cryptocurrency is by definition a fiat currency, but maybe people don't know the definition of "fiat" which is sad, but shouldn't be surprising

        0 replies 0 retweets 3 likes
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      1. killer of autumn‏ @nicknovitski 12 Dec 2017
        Replying to @wycats

        There's no governing body or agent who can decide to issue more whenever they want. The term "fiat currency" is a goldbug dogwhistle, people mad that their material conditions are economically interrelated with other people that they don't like.

        0 replies 0 retweets 4 likes
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      1. Jason‏ @sevifives 12 Dec 2017
        Replying to @wycats

        Easy: because it’s a digital asset like gold but absolutely worthless when it all crashes. At least you can make art with physical bills.

        0 replies 0 retweets 1 like
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      1. Michael Bulat‏ @mbulat 13 Dec 2017
        Replying to @wycats

        Labeling things in boxes like “fiat” is not always helpful. Bitcoin has features of both commodity assets and fiat currencies. It’s something new, and instead of labeling, we should focus instead on it’s utility.

        0 replies 0 retweets 0 likes
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      1. New conversation
      2. atmosx‏ @atmosx0 13 Dec 2017
        Replying to @wycats

        No FIAT is inherently deflationary. If it is, a Bitcoin is by design I believe, the it is not suited for FIAT.

        1 reply 0 retweets 0 likes
      3. atmosx‏ @atmosx0 13 Dec 2017
        Replying to @atmosx0 @wycats

        Add to that, that there is no gov behind, just an abstract idea that this amount of bits will have some value in the future & last but not least, BTC has already failed as a currency. It works as a digital asset for speculative purposes

        0 replies 0 retweets 0 likes
      4. End of conversation

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