As an aside, arguably fiat currencies are a big confidence trick where something has a certain value because some magician says it has, and everyone is mesmerised and believes it.
That thing about ICOs and Monetary Systems
Oscar D Torson

Fiat currencies are not a confidence trick. Their demand is assured by taxation. If there is too much supply (of money) and not enough demand, taxes can be increased to soak up the excess supply of money.

Of course, this mechanism does not exist for cryptocurrency.

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