(From the days Top stories)
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Bitcoin, Fiat Currencies, and ... Gold
http://www.americanthinker.com/articles/2021/08/bitcoin_fiat_currencies_and__gold.html
August 25, 2021
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Then Musk made this telling comment: “The true battle is between fiat & crypto. On balance I support the latter.” This is a commonly held view among many observers of the cryptocurrency scene. Like Musk, they see a contest between two opposing camps: in this corner, supported by the central banks, are the major fiat currencies, and in that corner the crypto-challengers. The inside line is that the days of fiat are numbered and the wide acceptance of some form of crypto-currency is inevitable.
What the crowd doesn’t see is that there’s a third party on the scene. Right now he’s offstage, but he’s cued to enter to pick up the pieces when the alternatives fail. The third party is gold -- that is, when it’s used in its monetary role as the ground of stable money.
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To be absolutely brutal, crypto currencies are every bit as fiat as the other currencies. There is really nothing of value backing them any more than the 'fiat' currencies have anything of value to back them.
And Gold? Where in America can one walk into a grocery store, put down a lump of gold and expect the teller to allow one to walk out with the groceries?
Unless we hang all the demo-rats and half the repugnicans we is screwed.
Zim.
Mad Poet Strikes Again.
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