brixjorgn on Nostr: “Backed” is a fiat term, invented to describe the relationship between bank notes ...
“Backed” is a fiat term, invented to describe the relationship between bank notes and the money (gold) that they represented. Bitcoin is itself money, so the term doesn’t apply. Fiat of course abandoned the hard asset that backed it, replacing it with “faith”. ✨
Published at
2023-03-15 22:56:01Event JSON
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"content": "“Backed” is a fiat term, invented to describe the relationship between bank notes and the money (gold) that they represented. Bitcoin is itself money, so the term doesn’t apply. Fiat of course abandoned the hard asset that backed it, replacing it with “faith”. ✨\n\nhttps://nostr.build/i/nostr.build_b60e65071d833e26685447530c31eae3f0d3a9da07af5422c670adb43827335e.jpeg",
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