30 Sep Issue new bitcoins by fiat? That’s ignorant – The Mercury News
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Point of cryptocurrencies is
that they are not fiat money
Re: “‘Mining’ bitcoin emits same CO2 of 1M transatlantic flights” (Letters to the editor, Eastbaytimes.com, Sept. 26):
“I challenge Congress and our electric power industry to stamp out this wasteful practice in the United States. Sufficient international pressure might persuade the industry to issue new bitcoins by fiat, without emissions. Like the Federal Reserve.”
Issue new bitcoins by fiat? That’s the most ignorant statement I’ve heard in a while. The entire point of cryptocurrencies is that they are not fiat money.
And to think that fiat money is produced without emissions… How naive.
Just so we’re clear, producing fiat currencies are more damaging to the environment than cryptos. So, if the environment is actually a concern, advocating for the extinction of fiat money and the adoption of cryptos would be the appropriate thing to do.
Brad Crane
Lafayette
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