Post
Topic
Board Economics
Re: Ruble in freefall... Too bad for those people they outlawed Bitcoin! hahaha
by
gollum
on 17/12/2014, 21:33:02 UTC
“At the end fiat money returns to its inner value—zero.”
- Voltaire

Bitcoin is by definition a fiat currency:

The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of. Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on faith. Fiat is the Latin word for "it shall be".
http://www.investopedia.com/terms/f/fiatmoney.asp