Stephen Yearwood
1 min readOct 3, 2021

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I could quibble with that as a definition of "fiat," but in the end whether Bitcoin is or isn't "fiat" is not a substantive point. The fact that central authorities can change — or even influence — the size of the supply of money is a substantive point.

As it happens, taking that power from those authorities is the point of a proposed change to the centralized monetary paradigm that I have developed. The supply of money (as currency) would become self-regulating, making the economy self-regulating--while eliminating unemployment, poverty, and taxation/public debt and increasing sustainability (at no cost to anyone, without having to redistribute anything, without imposing any limit on income/wealth, and without requiring people to change their behavior in any way). That change to the existing system would have no necessary effect on the existence of Bitcoin, etc.

If curious: "Easy as 1-2-3-4" (here in Medium).

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Stephen Yearwood
Stephen Yearwood

Written by Stephen Yearwood

M.A. in political economy (money/distributive justice) "Please don't confront me with my failures/ I'm aware of them" from "These Days," as sung by Gregg Allman

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