Why Nostr? What is Njump?
2023-03-15 22:56:01
in reply to

brixjorgn on Nostr: “Backed” is a fiat term, invented to describe the relationship between bank notes ...

“Backed” is a fiat term, invented to describe the relationship between bank notes and the money (gold) that they represented. Bitcoin is itself money, so the term doesn’t apply. Fiat of course abandoned the hard asset that backed it, replacing it with “faith”. ✨

Author Public Key
npub140xd2h8nwfu258yd73ag0eysxrfkaurl3aynncluca7z9uyudg3qgnf0m3