Post
Topic
Board Economics
Re: Semantics of "fiat"
by
amspir
on 07/02/2015, 20:24:05 UTC
So, are you disregarding the definition altogether?

No, I am saying there is a problem with the definition.   Currency is either fiat currency or a commodity currency.   A representative currency represents either fiat currency or a commodity.

Since bitcoin represents no commodity, I conclude that it is a fiat currency.   Before cryptocurrency, there was no way to create a fiat currency without a government.   That doesn't mean bitcoin is not a fiat currency, but rather the ultimate in a fiat currency, since it requires no conventional government to issue it.