Re: Suggestion: Remove "non-fiat money" from the draft Web Payments IC Charter

On 1 September 2014 17:24, Joseph Potvin <> wrote:

> I just now noticed the phrase "non-fiat money" in the second bullet point
> of the first section on scope, which reads in its entirety:
> "Non-traditional currencies (this term covers multiple cases such as the
> commonly called cryptocurrencies
> <>, digital currencies,
> virtual currencies, non-fiat money. This category is sometimes designed as
> "non-governmental units-of-account" by some International organizations )"
> The phrase "non-fiat money" is an anomaly in this otherwise precise and
> meaningful statement. It introduces confusion, because whether or not
> something is deemed by fiat to represent or to communicate value is
> orthogonal to whether or not it is a traditional currency instrument.
> Certainly, for example, BTC's reputation and reported unit value is based
> upon a community fiat.

Doesn’t fiat imply government?

> Tentatively I would recommend to remove "non-fiat money" with no need to
> replace it with anything instead.However perhaps those who recommended to
> include this phrase would prefer to suggest a substitute that communicates
> better what they intended, while also resolving the issue I'm raising here.
> --
> Joseph Potvin
> Operations Manager | Gestionnaire des opérations
> The Opman Company | La compagnie Opman
> Mobile: 819-593-5983

Received on Monday, 1 September 2014 16:00:12 UTC