On: Cryptonomicon: Among the Bitcoin maximalists

[Melio]

It's not just 100 years old.

It's over 1000 years old and it evolved from nothing to what we have.

It's very weird that you ignore history like this.

You should read up on Spain, silver, gold, china and tons of other history regarding tender.

What we have with fiat is your very well working monolith fine tuned over centuries while everyone who wants to make money of of you tells you why their Nanoservice with security holes and no features is so much better.

[Hendrikto → Melio]

Gold and silver coins are not fiat though.

[majormajor → Hendrikto]

How much actual gold has to be in your gold coin before it crosses from "gold" to "fiat"? You had "debased" coinage in Roman times, if not earlier.

[Hendrikto → majormajor]

Does not matter as long as it‘s a fixed minimum.

[quickthrowman → Hendrikto]

Right, and basing the supply of currency on the amount of two metal elements we can mine out of the ground is insane.

[Melio → quickthrowman]

It's part of history and not the only part of it.

From Wikipedia: "Government-issued fiat money banknotes were used first during the 11th century in China"