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My recollection from Creature from Jekyll Island re: "fiat currency": USD dollar is a fiat currency, meaning:
- backed by nothing
- used for legal tender, meaning, you get paid in $$$ and you pay taxes in $$$
Like $$$, bitcoin is backed by nothing. The world may reject $$$ as a reserve currency and that would be bad for the perceived value of $$$, BUT...you still get paid in $$$ and must pay taxes in $$$, not bitcoin. Bitcoin is not even fiat currency. Until that changes, bitcoin is just a token that is valued by its believers. If bitcoin believers changed their minds or if there was some adverse legal ruling, bitcoin value could go to zero and its owners would be SOL.
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Reparations for neanderthals!
'70 914-6, 1965 Mustang GT - RIP, '74 911, '01 Box S
'12 Ducati 848 Evo - RIP, '16 Yamaha R1, '13 Aprilia RSV-R
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