On: Cryptonomicon: Among the Bitcoin maximalists

[Hendrikto]

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"