alt Hacker NewsYour point has nothing to do with fiat.
It applies equally well to a fiduciary coin with a promise that 1 gcoin = 1g of gold or whatever.
Your point has nothing to do with fiat.
It applies equally well to a fiduciary coin with a promise that 1 gcoin = 1g of gold or whatever.
Indeed.
However, it does not necessarily apply to algorithmic stable coins (Terra) or crypto-backed overcollateralised coins (DAI). That's why I said "fiat-backed".