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What is FIAT and why is crypto any different?

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by COINS NEWS 62 Views

If You search for a translation on the term FIAT You find that Fiat is a lating word that means "Let it be done"

For US dollar this is the situation since the gold backing for USD was abandoned in 1970s. Other countries did it first, some later.

Since then there is no real/physical backing for USD and inflation goes wild as money is printed like we say "out of thin air", so the term "let it be done" fits perfectly

How is crypto any different? BTC for example. got a max cap of 21.000.000, never more.

FIAT is in my opinion a bubble that is made to pop as money increases dramatically with no real value behind it, hence brutal inflation.

Debts are rising to levels never seen before without any possibility to ever decrease as they are only backed by other debt, which is backed by other debt,......

We have seen this before in 2007/2008 and nothing really changed. If one falls, the domino effect has started.

WIll BTC be a solution? Personally, I don't think so as no Gov would take this chance to replace Fiat without anybody else following and our global market is not "ready" to have a backing.

First everything might need to fall to ashes. And welp, I am a little worried here on how long this goes on.

CBDCs will continue this mess just with more control of the lower and middle class.

The only chance to make a change here would be some kind of a global crash followed by a complete reset, but these are times I don't want to see as wars and disaster will follow first.

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What's Your opinion on this? Do You see any chance of an outcome that wouldn't start/end with a catastrophic dystopian situation?

submitted by /u/Fox_n_Roll
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