Paribus: The Real Danger of Crypto.
Just as maximalists assert one blockchain will rule them all, there’s also a pervasive belief amongst many crypto enthusiasts that the technology will replace fiat currencies. It’s a storyline that appears frequently despite the fact that it’s highly implausible. Since the 1970’s when the US stopped the dollar from being backed by gold it’s been a fiat currency. Fiat means that the currency has value decreed by governments or monarchs rather than being backed by an asset. In this regard fiat currencies are often viewed by some in crypto as