TheGuySwann on Nostr: The only reason fiat money needs to “be backed” is to pretend it is hard to make ...
The only reason fiat money needs to “be backed” is to pretend it is hard to make more of like the thing it’s backed by.
Neither gold nor bitcoin need to be “backed” because we simply know people can’t print more of them.
Published at
2025-01-21 23:51:16Event JSON
{
"id": "ac9b164c2f08305e574bde1e4fe8002c453f8ba7a05e7737569b6808440d90a4",
"pubkey": "b9e76546ba06456ed301d9e52bc49fa48e70a6bf2282be7a1ae72947612023dc",
"created_at": 1737503476,
"kind": 1,
"tags": [],
"content": "The only reason fiat money needs to “be backed” is to pretend it is hard to make more of like the thing it’s backed by.\n\nNeither gold nor bitcoin need to be “backed” because we simply know people can’t print more of them.",
"sig": "e50969e3cc1cec055a18f36259f68d5622f9c24416ad078cf8a0a80987375ead9a69593a922c3bdfb9a5f016084a1aa8f626b0c01d713dce480afd026dcda01a"
}
