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Cryptic Currency (lemmy.ca)

submitted 3 months ago by hellfire103@lemmy.ca to c/whitepeopletwitter@sh.itjust.works

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[–] Karyoplasma@discuss.tchncs.de 5 points 3 months ago (1 children)

Can somebody explain to me why cryptobros call regular money "fiat" and thus imply that their made up computer currency has actual, tangible value (which it doesn't).

[–] JackGreenEarth@lemm.ee 3 points 3 months ago (1 children)

Isn't fiat a car manufacturer?

[–] Karyoplasma@discuss.tchncs.de 3 points 3 months ago

Fiat money is money that is not backed by precious metals and since gold standards have been abolished in every country, technically every currency is fiat. Fiat, in Latin, is the third-person singular present active subjunctive form of the verb fio which means "to become" or "to happen", for example the phrase "let there be light" would be "fiat lux" in Latin.