Fiat Money Quotes

It is no coincidence that the century of total war coincided with the century of central banking.

A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank.

Ethereum, or some other Cryptocurrency is going to be the global standard of payment. It’ll be of greater value than national fiat.

The bankers and financiers are badly overplaying their hands, again, and people are starting to catch on to the scam. Real wealth is tangible things produced with tangible effort. Loans made out of thin-air 'money' require no effort and are entirely ephemeral. But if those loans are used to acquire real ownership of real assets, then something has been exchanged for nothing and one party is getting screwed.

In the Google era, Newton’s system of the world—one universe, one money, one God—is now in eclipse. His unitary foundation of irreversible physics and his irrefragable golden money have given way to infinite parallel universes and multiple paper moneys manipulated by fiat. Money, like the cosmos, has become relativistic and reversible at will.

Many hold that by floating the dollar, Nixon converted the U.S. currency into pure “fiat money”—mere pieces of paper, intrinsically worthless, that were treated as money only because the United States government insisted that they should be.

Eddie Money and Johnny Cash should have collaborated. I’d have paid good last name to see them in concert.

Fiat currency isn’t money—it’s a weapon. Every duck farmer knows this, and you can only pretend The Fake is The Real for so long before mass starvation takes place.

The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted notto debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.

Cryptocurrencies are vulnerable to hacking and theft. When you have fiat money in a government regulated bank account, you have some authority to help you solve a problem like that. With crypto, you're all alone and out of luck.

Bags of potato chips have so much air they could be used as cushions for suicidal skyscraper jumpers. That's called inflation, because you spend more money and get less product. But here on my duck farm, we know the value of a dollar—and that's why we don't accept them.

The oldest recorded example of fiat money was jiaozi, a paper currency issued by the Song dynasty in China in the tenth century. Initially, jiaozi was a receipt for gold or silver, but then government controlled its issuance and suspended redeemability, increasing the amount of currency printed until it collapsed. The Yuan dynasty also issued fiat currency in 1260, named chao, and exceeded the supply far beyond the metal backing, with predictably disastrous consequences. As the value of the money collapsed, the people fell into abject poverty, with many peasants resorting to selling their children into debt slavery.

The collapse of an inflation policy carried to its extreme -- as in the United States in 1781 and in France in 1796 -- does not destroy the monetary system, but only the credit money or fiat money of the State that has overestimated the effectiveness of its own policy. The collapse emancipates commerce from etatism and establishes metallic money again.

A Law cannot give to Bills that intrinsick Value, which the universal Consent of Mankind has annexed to Silver and Gold

The dollar is continually worth less until it's finally worthless. That's how it was designed. It's not money. It's a financial weapon.

A penny saved is a penny wasted. Thanks, fiat currency and inflation!

You think Bitcoin is costly, it is not! Your fiat currency is definitely overpriced and oversold.

Bitcoin is rapidly becoming the global reserve cryptocurrency just like the dollar is to fiat currency.

No country, state, town or people can run into debt without losing a corresponding amount of freedom,” he would say. “The average American doesn’t understand the difference between sound money, fractional money or fiat money.1 Nor do they understand the hidden tax of inflation and that it is by design. Most do not know how much our national debt is, nor do they care.” He

The fundamental engineering feature of the fiat system is that it treats future promises of money as if they were as good as present money because the government guarantees these promises

When a country has substituted credit money or fiat money for metallic money, because the legal equating of the over-issued paper and the metallic money sets in motion the mechanism described by Gresham's Law, it is often asserted that the balance of payments determines the rate of exchange. But this also is a quite inadequate explanation. The rate of exchange is determined by the purchasing power possessed by a unit of each kind of money.

The problem with fiat is that simply maintaining the wealth you already own requires significant active management and expert decision-making. You need to develop expertise in portfolio allocation, risk management, stock and bond valuation, real estate markets, credit markets, global macro trends, national and international monetary policy, commodity markets, geopolitics, and many other arcane and highly specialized fields in order to make informed investment decisions that allow you to maintain the wealth you already earned. You effectively need to earn your money twice with fiat, once when you work for it, and once when you invest it to beat inflation. The simple gold coin saved you from all of this before fiat.

People pay a lot of fake money for old wine bottles filled with mystery fluid that they haven’t even tasted because it’s centuries old. So, I’m willing to bet people would spend even more fiat currency for new wine bottles filled with duck soup.

Pickleball IS life. In fact, the game should replace fiat currency as a facilitator of trade. If you want to sell something tangible like a duck, why price it in dollars? Just haggle over units of pickleball play equal in value to a swimming bird.

When I worked as a concierge, I loved getting a pat on the back from a guest, because it's like a tip, only better, because it doesn't devalue like fiat currency, and it will buy me food at the store. Oh yes, shared body language is the best facilitator of trade, and here on my duck farm I accept high-fives for eggs.

In retrospect, the major difference between World War I and the previous limited wars was neither geopolitical nor strategic, but rather, it was monetary. When governments were on a gold standard, they had direct control of large vaults of gold while their people were dealing with paper receipts of this gold. The ease with which a government could issue more paper currency was too tempting in the heat of the conflict, and far easier than demanding taxation from the citizens. Within a few weeks of the war starting, all major belligerents had suspended gold convertibility, effectively going off the gold standard and putting their population on a fiat standard, wherein the money they used was government-issued paper that was not redeemable for gold.

Like all financial schemes, the Mississippi Scheme was constructed upon the volatile foundation of confidence. For the public to continue to use the Banque Royale’s banknotes, it had to remain confident that those banknotes would retain and represent their stated face value. And for the public to continue to invest in Mississippi Company shares, it had to remain confident that the prospects of the Mississippi Company justified the market price of the shares.

The case for bitcoin as a cash item on a balance sheet is very compelling for anyone with a time horizon extending beyond four years. Whether or not fiat authorities like it, bitcoin is now in free-market competition with many other assets for the world’s cash balances. It is a competition bitcoin will win or lose in the market, not by the edicts of economists, politicians, or bureaucrats. If it continues to capture a growing share of the world’s cash balances, it continues to succeed. As it stands, bitcoin’s role as cash has a very large total addressable market. The world has around $90 trillion of broad fiat money supply, $90 trillion of sovereign bonds, $40 trillion of corporate bonds, and $10 trillion of gold. Bitcoin could replace all of these assets on balance sheets, which would be a total addressable market cap of $230 trillion. At the time of writing, bitcoin’s market capitalization is around $700 billion, or around 0.3% of its total addressable market. Bitcoin could also take a share of the market capitalization of other semihard assets which people have resorted to using as a form of saving for the future. These include stocks, which are valued at around $90 trillion; global real estate, valued at $280 trillion; and the art market, valued at several trillion dollars. Investors will continue to demand stocks, houses, and works of art, but the current valuations of these assets are likely highly inflated by the need of their holders to use them as stores of value on top of their value as capital or consumer goods. In other words, the flight from inflationary fiat has distorted the U.S. dollar valuations of these assets beyond any sane level. As more and more investors in search of a store of value discover bitcoin’s superior intertemporal salability, it will continue to acquire an increasing share of global cash balances.

The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted notto debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.

The common name for government money is fiat money, from the Latin word for decree, order, or authorization. Two important facts must be understood about government money from the outset. First, there is a very large difference between government money redeemable in gold, and irredeemable government money, even if both are run by the government. Under a gold standard, money is gold, and government just assumes a responsibility of minting standard units of the metal or printing paper backed by the gold. The government has no control over the supply of gold in the economy, and people are able to redeem their paper in physical gold at any time, and use other shapes and forms of gold, such as bullion bars and foreign coins, in their dealings with one another. With irredeemable government money, on the other hand, the government's debt and/or paper is used as money, and the government is able to increase its supply as it sees fit. Should anybody use other forms of money for exchange, or should they attempt to create more of the government's money, they run the risk of punishment.

He attacked Oriati Mbo with all his powers. Schools to seduce the young. Banks to issue loans, loans to put Oriati into debt, debt to give him an excuse to seize their land and property. He built toll roads and canals for exclusive trade. He gave his allies inoculations against disease. He brutalized the Oriati currencies with counterfeiting and debasement, flooding their continent with fake money so they would turn to the stable, reliable Falcresti fiat note as their trade coin. It was precisely how he captured Taranoke. It failed utterly.

If you buy a secondhand Fiat for $2,000, you are likely to complain about it to anyone willing to listen to you. But if you buy a brand-new Ferrari for $200,000, you will sing its praises far and wide, not because it is such a good car but because you have paid so much money for it that you have to believe it is the most wonderful thing in the world. Even in romance, any aspiring Romeo or Werther knows that without sacrifice, there is no true love. The sacrifice is not just a way to convince your lover that you are serious; it is also a way to convince yourself that you are really in love. Why do you think women ask their lovers for diamond rings? Once the lover makes such a huge financial sacrifice, he must convince himself that it was for a worthy cause.

Fiat-money! Let the State 'create' money, and make the poor rich, and free them from the bonds of the capitalists! How foolish to forego the opportunity of making everybody rich, and consequently happy, that the State's right to create money gives it! How wrong to forego it simply because this would run counter to the interests of the rich! How wicked of the economists to assert that it is not within the power of the State to create wealth by means of the printing press!- You statesmen want to build railways, and complain of the low state of the exchequer? Well, then, do not beg loans from the capitalists and anxiously calculate whether your railways will bring in enough to enable you to pay interest and amortization on your debt. Create money, and help yourselves.

centuries-long debate over the nature of money can be reduced to two sides. One school sees money as merely a commodity, a preexisting thing, with its own inherent value. This group believes that societies chose certain commodities to become mutually recognized units of exchange in order to overcome the cumbersome business of barter. Exchanging sheep for bread was imprecise, so in our agrarian past traders agreed that a certain commodity, be it shells or rocks or gold, could be a stand-in for everything else. This “metallism” viewpoint, as it is known, encourages the notion that a currency should itself be, or at least be backed by, some tangible material. This orthodox view of currency is embraced by many gold bugs and hard-money advocates from the so-called Austrian school of economics, a group that has enjoyed a renaissance in the wake of the financial crisis with its critiques of expansionist central-bank policies and inflationary fiat currencies. They blame the asset bubble that led to the crisis on reckless monetary expansion by unfettered central banks. The other side of the argument belongs to the “chartalist” school, a group that looks past the thing of currency and focuses instead on the credit and trust relationships between the individual and society at large that currency embodies. This view, the one we subscribe to and which informs

It was as if we had made something very simple incredibly complicated. Here were these bodies, ready to reproduce, controlled against reproduction, then stimulated for an eventual reproduction that was put on ice. My friends who wanted to prolong their fertility did so, now that they were in their thirties and professionally successful, because circumstances in their lives had not lined up as planned. They had excelled at their jobs. They had nice apartments and enough money to comfortably start a family, but they lacked a domestic companion who would provide the necessary genetic material, lifelong support, and love. They wanted to be the parents they had grown up under, but love couldn't be engineered, and ovaries could. Hanging over all of this was an idea of choice, an arbitrary linking of goals and outcomes, which reduced structural, economic and technological change to individual decision. "The right to choose"―the right to birth control and abortion services―is different from the idea of choice I mean here. I mean that the baby question justified a fiction that one had to conform one's life to a uniform box by a certain deadline. If the choice were only to have a baby or not, then anybody who wanted a baby and was physically able would simply have one (as many people did), but what I saw with my friends was that it wasn’t actually about the choice of having a baby but of setting up a nuclear family, which unfortunately could not, unlike making a baby, happen more or less by fiat.

Every time you use a banknote; every time you use a modern coin; every time you use a credit card or debit card; every time you use internet banking; every time you use any modern crypto currency; every time you use a gift voucher; every time you use a poker chip; in fact, every time you enter into any form of transaction that does not rely on bartering, each such transaction has its ideological origins in John Law’s idea that money need have no intrinsic value.

John Law’s 'Money and Trade Considered' is the most influential but least acknowledged work in the history of economics.

Even when money seemed to be material treasure, heavy in pockets and ships' holds and bank vaults, it always was information. Coins and notes, shekels and cowries were all just short-lived technologies for tokenizing information about who owns what.

Investing In Gold Not everyone would associate Ethereum with investing in gold, but that is exactly one of its uses. Using a process developed by Digix, users can use tokens to buy gold on the Ethereum blockchain. How does this work? Using the Digix app, you can exchange either Ether or fiat currency (real-life money) with gold tokens. This gold is linked to the Singaporean gold vault through a complex crypto-code. Whenever the user wants, they can switch their gold tokens for actual pieces of gold without needing to go through an intermediary or paying any large fees. This also opens up the possibility of creating similar processes for all sorts of commodities.

Stablecoins The ground is currently being laid to set the way for a new type of currency –the stablecoin. What is the stablecoin? The stablecoin is an asset that typically features price stability. Cryptocurrency is notoriously unstable, with volatile prices that are often difficult to predict. The advantage of them is that they give the user total control over their holdings. On the other hand, the US dollar is a great example of a fiat stablecoin, as it offers low volatility and so provides a reliable unit of money to invest in both the short term and the long term. However, the US dollar doesn’t give the user any form of control, as it is monitored by the Federal Reserve Bank and is dependent on the banking network in the US for commercial use. To get a combination of the two –full user control and reduced volatility –is an exciting prospect. Maker is a company that is currently working on a project to make this happen by creating a currency known as the Dai, which is set to become a stablecoin that combines user control with price stability. Social Networks

O.K., Lerner: His argument was that countries that (a) rely on fiat money they control and (b) don’t borrow in someone else’s currency don’t face any debt constraints, because they can always print money to service their debt. What they face, instead, is an inflation constraint: too much fiscal stimulus will cause an overheating economy. So their budget policies should be entirely focused on getting the level of aggregate demand right: the budget deficit should be big enough to produce full employment, but not so big as to produce inflationary overheating.

The world solidly abandoned the gold standard in 1971. Since then, countries have used fiat money—that is, money not backed by anything.

As Nakamoto wrote in 2009: The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.

The Law thereby prohibits three contemporary monetary phenomena that have contributed so heavily to the economically precarious position of modern nations: fiat money, fractional reserve banking, and deficit spending.

Only in a world where states regard themselves as Gods who are not accountable to The Truth would it be possible to create fiat money. And only in a world where they regard themselves as Gods with the sole right to violence and the power to excuse themselves from Truth of their own monstrous injustices could we understand how they create their monopoly money.

For people who make the argument that money such as the US dollar is backed by gold, that is a dated misconception. Today, globally, no national currency is backed by gold. They are all on a fiat system, meaning it is backed by its country’s government, not a physical asset. To put that into perspective, your country’s central bank has control over its money and its economy.

But fiat money is paper backed by no positive value, only the negative value of government threat: accept it or else. Fiat money is the leading cause of both inflation and the boom-and-bust cycles commonly attributed to the free market. Fiat money is the modern key to government power, including the ultimate power of making war. The American debate for most of its history has been about government power so fiat money, until acceptance of power was finally achieved, was always an important political issue, an important part of America’s forgotten history.

Our current world I submit that we currently live in a climax stage.21 We have a political model that is based on leading in the popular polls--a model where barely differentiated political leaders pretend to be different by steering voters away from important issues and onto subjects that, albeit emotional, are of little consequence to most people--a model where the election is won by the person with the best marketing, and where consistency and integrity are irrelevant. We have an economic model that is based on pulling resources out of the ground and mostly turning them into unnecessary products, getting people to buy the products by convincing them that they need them, then getting them to throw the products away because they're obsolete. This makes people buy the next model and bury the other one in the ground. The sole goal of this seemingly pointless exercise is to work faster and grow the gross domestic product, which measures the resource churn. We live in a world where the money necessary for our way of life comes out of a slit in the wall as long as we keep showing up for work, yet only experts understand the fiat-based money/credit system. We live in a world where food can be heated in a microwave oven at the touch of a button, yet only experts understand how this works. This goes for most of the other technology we use. All we know is that if we press this or that button, things magically happen. We are aware of large-scale problems, but most of us believe that we can't do anything about them. Instead, we believe in a mythical They who will find a solution, just like They have provided all this wonderful technology we surround ourselves with. We may be more technologically advanced as a group, and correctly but myopically hold up technology as our one indicator of "progress,"22 but in terms of individual understanding we have not come far, and once again live according to old concepts. In fact, we might have turned a full cycle from the last climax stage: The Dark Ages.

Fiat money is commonly referred to as “paper money” as it is not “backed by” – or redeemable for – any particular good or commodity. Such money is brought into existence by the coercive dictates of States and is deemed “legal tender” by law (i.e., by central fiat). When the State supports or creates fiat money, it usually does so by means of legal tender laws. This requires that all creditors under its jurisdiction accept it as payment of debt under threat of legal action for non-compliance.

the monetarists would have met with greater success if they had broadened their definition of money even further. Their mistake was to fail to see that there is no distinction between fiat money and credit. They should have included all dollar-denominated credit instruments in their definition of money. Or, put differently, they should have replaced money with credit in the equation of exchange, because by the 1980s there was less and less difference between the two. Now there is essentially none.

Absolute money (gold) makes limited-states and localized-wars (Pre-1913); Substitute money (fiat) makes Absolute States & Wars (Post-1913)

I have good news and bad news. The good news is we will all soon be billionaires. The bad news is that by the time that day comes, the dollar will be so devalued that your billions may not purchase your weekly groceries.

Whenever any nation entrusts to its legislators the issue of a currency not based on the idea of redemption in standard coin recognized in the commerce of civilized nations, it entrusts to them the power to raise or depress the value of every article in the possession of every citizen.

The most recent application of bitFlyer empowered clients to purchase, sell and exchange Bitcoin and virtual monetary forms across the trades accessible in Japan. This trade empowers individuals to effortlessly purchase and sell Ethereum, Bitcoin, Litecoin, and other virtual monetary standards with Euros. In a brief period, bitFlyer has gotten one of the confided in trades on the planet. Notice bitFlyer Review survey doesn't end here. In spite of that, bitFlyer is perceived as the most reduced charge trade in the midst of controlled players, which brands it an incalculable and trustworthy choice for each merchant. 1. It awards clients admittance to purchase and sell Bitcoin and top altcoins 2. The trade upholds 5 – 8 well known digital currencies 3. The significant cryptographic forms of money included are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others. 4. It charges a base low expenses in contrast with directed trades 5. bitFlyer offers an extraordinary fiat entryway for new crypto lovers and veteran brokers 6. Users find exceptionally secure trade arrangements, which makes it simple to utilize 7. bitFlyer offers two methods of exchanging – a straightforward interface and for star financial backers, a high level Lightning trade

Bitcoin cannot be acquired for free, which is precisely why it is setting humanity free.

Finally, fiat currencies, while only a relatively recent historical invention, have proven to be prone to constant increases in supply. Nation-states have shown a persistent proclivity to inflate their money supply to solve short-term political problems. The inflationary tendencies of governments across the world leave the owner of a fiat currency with the likelihood that their savings will diminish in value over time.

If Bitcoin was a ponzi scheme destined for failure, the government wouldn’t spend so much time, resources, and the almighty FIAT currency in discrediting a tech that is destined to succeed.

Cryptocurrencies are vastly distinguished from any fiat currency, because, unlike the centrally controlled fiat currencies, you cannot be canceled or denied the ability to make transactions anywhere anytime, without the interference of any other third-party agencies.

Through the use of constitutional contortion, the United States has created a national demand for fiat currency. Maintaining the illusion of the dollar's value requires that the monetary authorities avoid reckless increase of the U.S. money supply. Historically speaking, such increases have had disastrous effects upon the purchasing power of the underlying currency. Avoiding a dollar collapse requires a personal faith among the American public in the Fed's willingness and ability to keep the currency in a limited supply.

The world is gradually waking up to the fact that every form of money that exists at the moment, except blockchain-based Bitcoin and other altcoins, can be manipulated and weaponized by the political class and centralized institutions, especially during a crisis, to achieve their extreme totalitarianism and the people are opting out.

When the ongoing Russia-Ukraine war is over, a new world monetary order is coming to shake the existing infrastructure in world of finance and Bitcoin will presumably benefit a lot from this paradigm shift.

Gold can still be stored as a long-term niche asset for savings and jewelry, but due to its slow speed and lack of widespread acceptance in modern times — along with legal tender laws — gold is not a viable alternative to the global fiat currency system for payments, unless heavily abstracted via trusted counterparties.

In the 1860s, during its civil war, the US suspended gold convertibility and printed paper money (known as “greenbacks”) to help monetize war debts. Around the time the US returned to its gold peg in the mid-1870s, a number of other countries joined the gold standard; most currencies remained fixed against it until World War I. Major exceptions were Japan (which was on a silver-linked standard until the 1890s, which led its exchange rate to devalue against gold as silver prices fell during this period) and Spain, which frequently suspended convertibility to support large fiscal deficits. During World War I, warring countries ran enormous deficits that were funded by central banks’ printing and lending of money. Gold served as money in foreign transactions, as international trust (and hence credit) was lacking. When the war ended, a new monetary order was created with gold and the winning countries’ currencies, which were tied to gold. Still, between 1919 and 1922 several European countries, especially those that lost the war, were forced to print and devalue their currencies. The German mark and German mark debt sank between 1920 and 1923. Some of the winners of the war also had debts that had to be devalued to create a new start. With debt, domestic political, and international geopolitical restructurings done, the 1920s boomed, particularly in the US, inflating a debt bubble. The debt bubble burst in 1929, requiring central banks to print money and devalue it throughout the 1930s. More money printing and more money devaluations were required during World War II to fund military spending. In 1944–45, as the war ended, a new monetary system that linked the dollar to gold and other currencies to the dollar was created. The currencies and debts of Germany, Japan, and Italy, as well as those of China and a number of other countries, were quickly and totally destroyed, while those of most winners of the war were slowly but still substantially depreciated. This monetary system stayed in place until the late 1960s. In 1968–73 (most importantly in 1971), excessive spending and debt creation (especially by the US) required breaking the dollar’s link to gold because the claims on gold that were being turned in were far greater than the amount of gold available to redeem them. That led to a dollar-based fiat monetary system, which allowed the big increase in dollar-denominated money and credit that fueled the inflation of the 1970s and led to the debt crisis of the 1980s. Since 2000, the value of money has fallen in relation to the value of gold due to money and credit creation and because interest rates have been low in relation to inflation rates. Because the monetary system has been free-floating, it hasn’t experienced the abrupt breaks it did in the past; the devaluation has been more gradual and continuous. Low, and in some cases negative, interest rates have not provided compensation for the increasing amount of money and credit and the resulting (albeit low) inflation.

In the post-Butler system, in order to meet the desired federal spending, taxes are raised, and debts, deficits, and government spending balloon. When these traditional sources of money fail, the government simply prints more money through the Federal Reserve. This inflates our fiat currency, distorts the natural ups and downs of the business cycle and recessions, and increases the divide between the wealthy (who store their wealth in non-fiat assets) and the middle and lower classes.

My sponsor is an ex-Navy guy. Buys me lunch on Christmas. I tell him, as long as I am drinking and I have money, things seem to be going well. Now, you just replace “am drinking” with “have oil” there you have the U.S. economy. When I don’t drink for a while… I get a little depressed and anti-Semitic. I tell him, as soon as the United States stops fucking up foreign democracies and stealing their oil, I’ll stop drinking. Unfortunately, looks like neither miracle is going to happen…

With the establishment of sound money, prices for most commodities quickly stabilized, then fell.  Without the drag of taxation, fiat currency, or the inflation they encouraged, wages rose.  Given the low prices and high wages, the economy began to stretch in unusual directions:

You can't fight poverty by just printing more fiat into the circulation. Bitcoin prevents this kind of absurdity from taking place in the first place. If you mean well for the people, embrace a transparent financial system.

A few months from now, you'll regret the chances you fail to take on bitcoin today. It is not about replacing the current Fiat but making it better. You are sitting on a goldmine.

You don’t have control over the money in your bank account. That's why the government hate Bitcoin and other blockchain-powered cryptocurrencies. Don’t forget that.

Non-convertible gold bullion standard. This is where the issuer declares that their currency is worth a certain amount of gold, but doesn’t allow you to redeem your money for gold. This is starting to blur the lines between representative and fiat money.

The root problem with conventional currency is all the trust that’s required to make it work,” Satoshi wrote. “The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.

Mail Order Counterfeit Banknotes from IDENTICAL FIAT

A Good Start in Financial History You really can’t learn enough financial history. The following, listed in descending order of importance, are landmarks in the field. Edward Chancellor. Devil Take the Hindmost. New York: Farrar, Straus, and Giroux, 1999. What manias look like; how to recognize—and hopefully avoid—irrational exuberance. Benjamin Roth. The Great Depression: A Diary. New York: PublicAffairs, 2009. What the bottoms look like; how to keep your courage and your cash up. Roger G. Ibbotson and Gary P. Brinson. Global Investing. New York: McGraw-Hill, 1993. Five hundred years of hard and fiat money, inflation, and security returns in a small, easy-to-read package. Adam Fergusson. When Money Dies. New York: PublicAffairs, 2010; Frederick Taylor. The Downfall of Money. New York: Bloomsbury Press, 2013. What real inflation looks like. Be afraid, very afraid. Benjamin Graham. Security Analysis. New York: McGraw-Hill, 1996. You’re not a pro until you’ve read Graham “in the original”—the first edition, published in 1934. An authentic copy in decent condition will run you at least a grand. Fortunately, McGraw-Hill brought out a facsimile reprint in 1996. Charles Mackay. Extraordinary Popular Delusions and the Madness of Crowds. Petersfield, U.K.: Harriman House Ltd., 2003. If you were smitten with Devil Take the Hindmost, you’ll love this nineteenth-century look at earlier manias. Sydney Homer and Richard Sylla. A History of Interest Rates, 4th ed. Hoboken, NJ: John Wiley & Sons, 2005. Loan markets from 35th-century B.C. Sumer to the present.

The history of fiat money is little more than a register of monetary follies and inflations. Our present age merely affords another entry into this dismal register.