RE: Russia and China will start a gold backed crypto currency and at that point Bitcoin will look like the giant Fiat currency that it is more than ever. Your Bitcoin, that is unbacked by anything physical such as Gold, oil, wheat, farmground,
Um, no. Look in ANY dictionary. This one happens to be from dictionary.com but others are similar:
fiat
[fee-aht, -at; fahy-uh t, -at]
noun
an authoritative decree, sanction, or order:
a royal fiat.
synonyms: authorization, directive, ruling, mandate, diktat, ukase.
a fixed form of words containing the word fiat, by which a person in authority gives sanction, or authorization.
Definition of fiat (continued)
an arbitrary decree or pronouncement, especially by a person or group of persons having absolute authority to enforce it:
The king ruled by fiat.
Origin of fiat
1625–35; < Latin: let it be done, 3rd singular present subjunctive of fierī to become
The problem most do not see is the government and the world bankers hold the biggest percentage of the top 4 crypto currencies. So they do control crypto.
The Editors of Encyclopædia Britannica. "Fiat money, in a broad sense, all kinds of money that are made legal tender by a government decree or fiat. The term is, however, usually reserved for legal-tender paper money or coins that have face values far exceeding their commodity values and are not redeemable in gold or silver.
Throughout history, paper money and banknotes had traditionally acted as promises to pay the bearer a specified amount of a precious metal, typically silver or gold. The continental currency issued during the American Revolution, the assignats issued during the French Revolution, the “greenbacks” of the American Civil War period, and the paper marks issued in Germany in the early 1920s are historical examples of fiat money. These episodes marked deviations from the gold standard or bimetallic systems that prevailed from the early 19th through the mid-20th century. Under the post-World War II Bretton Woods system, the U.S. dollar served as an international reserve currency, backed by gold at a fixed value of $35 an ounce.
By the late 20th century, it had become impossible for the United States to maintain gold at a fixed rate, and in August 1971, U.S. Pres. Richard M. Nixon announced that he would “suspend temporarily the convertibility of the dollar into gold or other reserve assets.” In fact, the move spelled the end of the Bretton Woods system and the last vestiges of the gold standard. Within two years, most major currencies “floated,” rising and falling in value against one another based on market demand. According to the quantity theory of inflation, excessive issuance of fiat money can lead to its depreciation in value."
The fiat crypto crowd is going to find out the hard way when a gold backed crypto steals the show. The fortunate will have gold backed. The unfortunate will have fiat. Backed by nothing.
The world bankers created the UN.
The internet was handed off to the UN.
Then the UN comes out and says they want Bitcoin.
Crypto travels on the UN internet highway.
The cryptos tanked the other day while you and i were locked out as the exchanges were down Via the UN internet highway. The Big bankers were selling in mass and caused the market to tank. Not you and i as we were locked out..
The world bankers and the UN want total control through a cashless population.
It is really not that hard to figure out.
That is NOT the definition of fiat. Look up fiat anywhere and you will find that it is currency because a government says so.
Did you get your definition from snopes?
Um, no. Look in ANY dictionary. This one happens to be from dictionary.com but others are similar:
fiat
[fee-aht, -at; fahy-uh t, -at]
noun
an authoritative decree, sanction, or order:
a royal fiat.
synonyms: authorization, directive, ruling, mandate, diktat, ukase.
a fixed form of words containing the word fiat, by which a person in authority gives sanction, or authorization.
Definition of fiat (continued)
an arbitrary decree or pronouncement, especially by a person or group of persons having absolute authority to enforce it:
The king ruled by fiat.
Origin of fiat
1625–35; < Latin: let it be done, 3rd singular present subjunctive of fierī to become
The problem most do not see is the government and the world bankers hold the biggest percentage of the top 4 crypto currencies. So they do control crypto.
The Editors of Encyclopædia Britannica. "Fiat money, in a broad sense, all kinds of money that are made legal tender by a government decree or fiat. The term is, however, usually reserved for legal-tender paper money or coins that have face values far exceeding their commodity values and are not redeemable in gold or silver.
Throughout history, paper money and banknotes had traditionally acted as promises to pay the bearer a specified amount of a precious metal, typically silver or gold. The continental currency issued during the American Revolution, the assignats issued during the French Revolution, the “greenbacks” of the American Civil War period, and the paper marks issued in Germany in the early 1920s are historical examples of fiat money. These episodes marked deviations from the gold standard or bimetallic systems that prevailed from the early 19th through the mid-20th century. Under the post-World War II Bretton Woods system, the U.S. dollar served as an international reserve currency, backed by gold at a fixed value of $35 an ounce.
By the late 20th century, it had become impossible for the United States to maintain gold at a fixed rate, and in August 1971, U.S. Pres. Richard M. Nixon announced that he would “suspend temporarily the convertibility of the dollar into gold or other reserve assets.” In fact, the move spelled the end of the Bretton Woods system and the last vestiges of the gold standard. Within two years, most major currencies “floated,” rising and falling in value against one another based on market demand. According to the quantity theory of inflation, excessive issuance of fiat money can lead to its depreciation in value."
Got a citation to back up that assertion? I've never heard anybody else make that claim.
Again though, Bitcoin simply is not fiat unless the definition of fiat has undergone a sudden change. Words have to have meaning.
The fiat crypto crowd is going to find out the hard way when a gold backed crypto steals the show. The fortunate will have gold backed. The unfortunate will have fiat. Backed by nothing.
The world bankers created the UN.
The internet was handed off to the UN.
Then the UN comes out and says they want Bitcoin.
Crypto travels on the UN internet highway.
The cryptos tanked the other day while you and i were locked out as the exchanges were down Via the UN internet highway. The Big bankers were selling in mass and caused the market to tank. Not you and i as we were locked out..
The world bankers and the UN want total control through a cashless population.
It is really not that hard to figure out.
So in other words, you have no source to cite to back up your assertion and you have a different definition of fiat than everyone else does.
Cool story bro.