Re:Cambridge Bitcoin Electricity Consumption Index
by rglullis on Thursday February 11, 2021 @05:41AM
(#26100139)
Say someone wealthy wants to escape the taxman and spends all their fiat buying things that "have value as long as people believe it has value", like land, stocks, jewelry, art works, antique cars.
When the taxman comes knocking on their door, do you think this person will escape by saying "sorry, I don't have fiat available to pay for the taxes, come back next year!"? No, the taxman will respond by either seizing their assets or forcing the person to liquidate into fiat.
What makes Bitcoin (or crypto) different in that regard?
Re:Cambridge Bitcoin Electricity Consumption Index
by CRConrad on Friday February 12, 2021 @11:04AM
(#26115090)
What's with the capitals? The "fiat" in "fiat money" is neither an acronym nor an Italian automobile manufacturer. (The Italian automobile manufacturer, OTOH, is an acronym, just like "OTOH". One stands for "on the other hand"; the other for "Fabricca Italiana de Automobili, Torino".)
If your state demands your taxes be paid in FIAT, no matter what you wan't, you'll be paying in FIAT (or fined, or in jail, or depending on the circunstances maybe dead).