Fiat currency can be viewed as a subclass of fiat knowledge because the entire central banking system was developed to profit from people’s lack of verification. This provides the government full permission to commit immoral acts.

The current fiat currency system is opaque, difficult to understand, and maintained by central banks. This makes it challenging to recognize the stolen process. This system is permeated by the maxim “trust but verify.”
Why, for example, is it so difficult to audit the Fed? Gary North writes in his book about his time spent on Ron Paul’s team. He speaks of his interest in learning who owned the Federal Reserve. Simply bringing up the subject on The Hill seems to have been frowned upon. How come? Could it be that those making money off of the current system want to continue robbing people?

The fundamental dynamic at play is the idea that those in positions of authority can behave unethically because of the trust, don’t verify, attitude. At some point, trust is violated in order to permit behavior that would be unacceptable in the open.

With the massive amount of money that is printed under the current monetary system, power dynamics are given more attention. Since people who will say what those in authority want them to say can receive cash rewards and rent-seeking employment, the truth is further concealed. Costs associated with verification rise as more individuals come to believe in these recognized experts.

RELEVANT KNOWLEDGE

Fiat currency thus permits the development of fiat knowledge. As the chosen experts receive more financing, they have more instruments at their disposal to obfuscate their findings and make them more difficult to verify, strengthening their rent-seeking position.

In contrast to a market based on logical analysis by independent verifiers, we have far greater centralization now when trust in a particular set of professionals is the norm. Unfortunately, this has evolved to a situation where people’s knowledge is now nearly exclusively dependent on faith rather than on facts. Given the biases of the experts, it is likely that this information is inaccurately reflective of reality.

FINNATIONAL FIAT

This causes a condition that I like to call “fiat currency intellectuals.” These are individuals who, although having little actual expertise, employ a sufficient quantity of buzzwords to convey the idea that they are knowledgeable. These gullible idiots are aware that the vast majority of people won’t verify their claims, and they are confident enough in their ability to deceive others that they will challenge the few who do.

The people from business schools who talk about blockchain as if it were some sort of magical device are the clearest illustration of this in our sector. The same holds true for those who mention proof-of-stake or quantum computing.
They sound smart, but they haven’t done any research. They bow down to a higher authority, which usually means they have been deceived into believing they are knowledgeable. These people often say clumsy platitudes, which is a strong clue that they have been tricked.

“The truth is likely somewhere in the middle,”

It probably has some value because so many people are working on it. Fiat currency intellectuals are lazy and don’t bother to really understand the subject; instead, they depend on others to teach them its truths. No matter if they are C-level executives, venture capitalists, or politicians, the bulk of people in positions of power are, sadly, intellectual fiats and are easily manipulated.

It is why there are so many cryptocurrencies, and their prices are so high. Nearly all investors, even very large ones, don’t perform any checking; instead, they have faith. Instead of verifying, they simply decide whatever information to accept. Take a look at what happened with LUNA and the significant role that many key actors played in that catastrophic catastrophe. Only Galaxy, 3AC, and Celsius are the other names that have recently been cited in the headlines for this.

The “crypto” markets are moving in the same direction as the major banks. It seems like everything is being kept hidden on purpose. This makes the Ethereum 2.0 platform incredibly complex. White papers are lengthy and difficult to read because of this. They imitate central bank complexity because they are private central banks. In order to get away with unethical behavior, they conceal what is happening for the same reason.

Also, read – Everything you need to know about Crypto Gambling

LEVELING UP

Before you accept Bitcoin’s fundamentally different ethos, do some checking. In that attitude, a lot of commoners have learned to administer their own nodes, keep care of their own keys, and even learn how to code.
Everyone is kept honest through thorough verification. We encourage verification throughout the community because of this. We don’t depend on centralized power, so their bad deeds don’t harm us.

Compared to cryptocurrency and fiat currency systems, there is a stark contrast. All of them emphasize relying on the experts you’ve picked rather than conducting your own research. They reject “running your own node” since they don’t want you to carry out verification. Their complexity aims to make verification difficult and impracticable.

As a result, altcoins start to resemble fiat currency thinkers. Although they are fluent in technical jargon, they do nothing to verify their own systems’ accuracy. Verification on a fundamental level keeps everyone honest. This is why we encourage verification in the neighborhood. We are not affected by the bad deeds of centralized authorities since we don’t rely on them.

This stands out sharply from altcoins and fiat currency systems. Instead of independently verifying information, they all strongly emphasize having faith in the experts they have selected. Since they don’t want you to carry out verification, they restrict “running your own node.” These systems are so sophisticated that they are made that way to make verification difficult and impractical.

For this reason, altcoins start to resemble fiat thinkers more and more as time goes by. Even if they are fluent in technical language, they don’t actually do anything to verify the accuracy of their own systems.
Numerous of them are stuck at the bottom because they have no real understanding of the systems they profess to understand. They become disconnected from reality and begin to believe whatever they want to believe. This marks the end for fiat intellectuals.

The truth is that those who support fiat currency are intellectual slaves of the wealthy. They have convinced themselves that it takes too much work, responsibility, and effort and are far from becoming self-sufficient. The only real path to self-sovereignty is to make an effort to double-check everything. We cannot truly be free until we have broken the chains of our intellectual chains. And you achieve that freedom through verification. The pursuit of the truth must never end.