Post AGBAWNUQKrIayTfhcO by rob@distrotoot.com
 (DIR) More posts by rob@distrotoot.com
 (DIR) Post #AGB0dx8FDYRq0DGqUS by Iskamag@distrotoot.com
       2022-02-05T19:45:25Z
       
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       Cryptocurrency is a concept that anything could be money if enough people believe and trade it, made practical in digital world through cryptography.
       
 (DIR) Post #AGB6JtAUqPJNdu8kNM by rob@distrotoot.com
       2022-02-05T20:49:01Z
       
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       @Iskamag Not exactly. That general concept applies to any fiat currency, not just crypto.
       
 (DIR) Post #AGB8vEOX5V9A68dhWC by Iskamag@distrotoot.com
       2022-02-05T21:18:11Z
       
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       @rob wdym? That would just make fiat a cryptocurrency too, though not a good one?
       
 (DIR) Post #AGB8y1eSvFgXReQMs4 by Iskamag@distrotoot.com
       2022-02-05T21:18:42Z
       
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       @rob wdym? That would just make fiat a cryptocurrency too, though not a good one.
       
 (DIR) Post #AGBAWNUQKrIayTfhcO by rob@distrotoot.com
       2022-02-05T21:36:06Z
       
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       @Iskamag other way around. crypto is a fiat currency.
       
 (DIR) Post #AGBCj5ujC0dA8ZAONk by Iskamag@distrotoot.com
       2022-02-05T22:00:49Z
       
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       @rob bitcoin and other PoW coins are backed by the price of hardware and electricity, and the rate at which they're mined in a fixed interval(often before the coins run out).On top of that, no one is stopping you from backing your coin supply by a commodity, because a cryptocurrency is a currency relying on cryptography.I can also make a bold claim that no currency is truly fiat.
       
 (DIR) Post #AGBFa1izhNQWOu2v6u by rob@distrotoot.com
       2022-02-05T22:32:47Z
       
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       @Iskamag The price of the hardware and electricity used to mint those coins don't mean much of anything in the context of intrinsic value. That energy that was spent minting that coin is gone and can't be reclaimed. Maybe there's a crypto I'm not considering that has a one-to-one backing with some physical commodity, but most coins I'm aware of that are traded don't have any intrinsic value by themselves, yet people assign value to them based on a finite supply.
       
 (DIR) Post #AGBG0sF73nq2oNs4C8 by Iskamag@distrotoot.com
       2022-02-05T22:37:38Z
       
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       @rob >That energy that was spent minting that coin is gone and can't be reclaimedFirst, you can buy or sell electricity with crypto, second, if you're unable to get the electricity back then that'd be breaking fundamental physics.
       
 (DIR) Post #AGBHJX6rxLkcj1Tb9s by rob@distrotoot.com
       2022-02-05T22:52:13Z
       
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       @Iskamag Buying and selling electricity is not the same as reclaiming the energy used to mint the original coin.The US dollar was once based on the gold standard. Every dollar that was issued had a corresponding quantity of gold that you would have been able to redeem your dollars for at any time. The US dollar is no longer based on that gold standard, but nothing is stopping you from using those dollars to buy and sell gold. 🤷
       
 (DIR) Post #AGCAT3cZwZkPdurXwu by Iskamag@distrotoot.com
       2022-02-06T09:10:13Z
       
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       @rob ehEither way crypto just means it relies on cryptography, the intrinsic and value stuff is really up to the people.