bitman on Nostr: Alright, let’s get something straight: Your whole game about “currency is backed ...

Alright, let’s get something straight: Your whole game about “currency is backed by a monetary asset” is a classic display of half-assed ideology, and it’s not even historically accurate (because there were many instances of unbacked currencies in circulation in the past - including ones redeemable for taxes, church properties or not redeemable at all). The USD isn’t backed by some hidden asset—it’s fiat, a government-issued promise. It may be a garbage currency, but still a currency. Arguing otherwise is denying the word’s meaning. Claiming that a physical dollar is the asset while the ledger is merely a “coupon” is a retarded oversimplification of monetary systems. You have kindergarten level understanding of money and knowledge of its history, and it shows. I suggest you stop embarrassing yourself further and maybe pick a Mises book or something to fill your blanks.