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Fiat in a Crypto World
#1
I'll start this forum off then.

What do you see as the place for fiat in a crypto world? Let's presume for the moment crypto becomes the dominant world reserve currency (let's say the year is now 2035). What is fiat currency used for? How has it been changed?

I don't believe it will go away. The Federal Reserve and other central banks will stay. But how will it adapt? Will they back their currencies in crypto and thus be pegged again? Will they just be forced to be more conservative or see their exchange rates vs crypto fall? What else?
 
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#2
Maybe they revert to the gold standard? Good luck getting the fed to do that, just throwing it out there!
 
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#3
That would be pretty amusing. I do wonder about how much gold they really have in reserve these days. There are of course various conspiracy theories out there about what and how much is being held.

But I could see China doing interesting things in that realm.

Although, I guess it wouldn't be considered fiat if it were backed by an asset.

I certainly think there are reasonable arguments for doing a gold standard, but I certainly don't see it as likely even in an emergency.

I'm just amazed the USD has been holding up as well as it has. Given how much money the fed's been throwing out there, I would've expected more inflation, but I think the fact that the "cash" is very tightly held is probably the biggest factor preventing that. If their printing were evenly distributed among the citizens, I would expect it would've had a lot higher inflation rate already.
 
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#4
interesting review, i need more definition about what is fiat means
 
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#5
(01-17-2015, 04:59 PM)millerberg Wrote: interesting review, i need more definition about what is fiat means

A simple Google search will tell you everything there is to know about fiat.
Retired Server Administrator - September 2014 to February 2015
 

http://www.whatscryptocurrency.com
 
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#6
(01-18-2015, 05:37 AM)Ryan Wrote:
(01-17-2015, 04:59 PM)millerberg Wrote: interesting review, i need more definition about what is fiat means

A simple Google search will tell you everything there is to know about fiat.

Doing a Google search on just the word fiat might return the make of car and really confuse him. Basically Money physical Cash or even vitural cash in the forum of say a US dollar or canadian dollar is all fiat.
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