> fiat is based on debt no, just the current (no pun intended) fiat currency. > what is social currency based on? actual fiat. it's literally printed, no debt attached. a decent analogy is train tickets. a train company has 100 seats. they need 100 tickets. do they borrow the tickets from a bank? of course not, they just print the tickets. they are a fiat token. inflation would only occur if they printed more tickets than seats (which actually happens sometimes irl, resulting in overbooking. the only way to secure a seat in such case is having multiple tickets, literal inflation.
United States