“Fiat” money has its value by there being a lot of obligations in it. If I sell ... | Hacker News

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		legulere on Dec 4, 2020 \| parent \| context \| favorite \| on: S&P Dow Jones Indices to launch cryptocurrency ind... “Fiat” money has its value by there being a lot of obligations in it. If I sell stuff for Bitcoin, I still have to pay taxes in Euro to the German State for that. There are a lot of credits in fiat currency that have to be paid off. Currencies are used for valuation and obligations to pay in trade.

jerrymiller on Dec 5, 2020 [–]

How did that work for Venezuela and their currency? USD is heading the same way, just slower.

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