good point! when i wrote my comment i couldnt think of a commodity crypto is tied to so i described it as fiat. but ur right that its manufactured scarcity makes it more like traditional money than fiat. but the commodity its tied to is so abstracted that its hard to pin, id say its energy. "gas" prices represent the price for mining (computer components are overhead and insignificant in the long-term). so crypto is a commodity currency tied to oil and gas.
brb creating my own crypto that I issue instead of mining or whatever other chicanery. idk why it would be cryptographic or on the blockchain, it would just be a ledger of debt.
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good point! when i wrote my comment i couldnt think of a commodity crypto is tied to so i described it as fiat. but ur right that its manufactured scarcity makes it more like traditional money than fiat. but the commodity its tied to is so abstracted that its hard to pin, id say its energy. "gas" prices represent the price for mining (computer components are overhead and insignificant in the long-term). so crypto is a commodity currency tied to oil and gas.
brb creating my own crypto that I issue instead of mining or whatever other chicanery. idk why it would be cryptographic or on the blockchain, it would just be a ledger of debt.
it’s based on nothing so it’s fiat :theory-gary: