Looking at economic history one can see that different societies from different parts of the world during different times has been swinging from quality money (gold, silver) to paper money. Today we have Bitcoin and other crypto currencies that one can choose from.
As an Austrian I would like to make the proposition of free money, that is let the market (in other words us) decide what we want to use. If someone want to use Bitcoin that is great, gold, silver - be my guest. If someone want to use paper why not? But don't force anyone... with that said Fiat always fail! :
Btw Very interesting thread and great opinions.
As an Austrian I would like to make the proposition of free money, that is let the market (in other words us) decide what we want to use. If someone want to use Bitcoin that is great, gold, silver - be my guest. If someone want to use paper why not? But don't force anyone... with that said Fiat always fail! :
Btw Very interesting thread and great opinions.
The difference between fiat and natural money, as I see it, is like the difference between natural and artificial medication.
It has come out that the US government knew 20 years ago that marijuana (as a natural pain killer) is harmless, but it's only now that it's forced to slowly legalize it. The powers-that-be prefer us to use artificial drugs (or money,) because there's no way to profit much from the natural.
If there are side effects and addictions due to the artificial stuff, it benefits the elites who can then put their power to good use by allowing this and regulating that. One way or another, their power will become valuable and they can profit from it.