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RE: It crypto currencies gaining value or we have fiat free fall?
The rising price of a crypto currency represents price deflation in anything else that's priced in that currency. Right now, anyone who uses Bitcoin to buy things is experiencing hyper-deflation. This means that their house, car and everything else they may own is going down in price.
With this in mind, it is incorrect to say that the price of Bitcoin is the result of a fiat currency going into free fall. If the fiat currency is stable against non-money assets and Bitcoin isn't, it's obvious that the crypto currency is unstable.
You make a right point. This is reality in the present time. But things are not fixed. A manipulations are much more probable with fiat currencies.
Bitcoin is also acting as asset more then a currency. Evolution of decentralized free money is just started and I hope that one day, one of candidates from crowd of cryptos will start to serve as currency and true money.
Increasing of fiat money in circulation is for sure not a good sign.