An Introduction To Fiat Money

We are pleased to have Steve Waldman (https://twitter.com/interfluidity) speak to us on Fiat Money:

It’s fashionable in cryptocurrency circles to view fiat money as corrupt and outdated. However, the tattered bills still sitting in your wallet are the physical manifestation of a profound technology which solves problems that cryptocurrencies have not begun to address. The combination of fractional-reserve banking and fiat money enable the organization of capital at scales that would previously have been inconceivable. Fiat money also provides states with tools to promote economic activity, tools which have arguably been essential to the development of prosperous modern economies (but also the financing of war at vast scales). Modern fiat money is managed by a complex public / private partnership, elements of which use the power of the monetary system corruptly. But these deficiencies of fiat money arise precisely because the technology is stable and powerful (If the spellbook didn't work, there’d be no profit in dark magic). Far from stereotypes of being weak and easily debauched, “paper money” is backed by the most valuable of all commodities, human labor and ingenuity. Those who dream of replacing or improving upon this remarkable technology should understand how it works.

We hope to activate the San Francisco Ethereum Meetup (https://www.meetup.com/San-Francisco-Ethereum-Meetup/) soon. If you'd like to participate, please come early to Chartboost at 6pm, preferably with a proposal for a meetup.