The term “fiat currencies” is strange and mostly not understood in this modern “progressive” era, where everything is transformed by political “Progressives” into fiat rather than natural forms, which continue to exist as long as so-called “Progressives” have the power to impose them. So instead of Natural Law, we have fiat law, which is whatever those who currently have the political power say it is. And instead of Natural Rights, the world today mostly recognizes only fiat rights, which are only the rights those in power say we have. America was rooted in Natural Rights and Natural Law, which so-called Progressives have been rebelling against for more than 100 years, certain they had better ideas more suited to the modern world.And so today we have fiat money instead of natural money. Fiat money is money with a government declared value, rather than a natural, inherent value. That is how the government takes some paper, slaps some ink on it, and supposedly it has the value the government and the ink says it has. Bitcoins Are Digital Collectibles, Not Real MoneyLouis WoodhillContributorIts Not That Bitcoin Can Be Regulated As Money: Its That Now Bitcoin Will Be Regulated As MoneyTim WorstallContributor Dont Be Silly, The Entitlement State Wont Allow BitcoinHarry BinswangerContributor Bitcoin Is a Junk Currency, But It Lays the Foundation For Better MoneyNathan LewisContributorBut that fiat money also lasts only as long as the ruling class has the power to impose it on us. That means the political power and the market power to do that. At some point, the market power, which is more real and natural, can overcome the political power. And that is the point we are reaching, when the innovation becomes more real and natural.
The Federal Governments Reaction To Bitcoin Is An Acknowledgement Of The Dollars Vulnerability – Forbes
August 25, 2013