Fiat isn't a scam. It's just a made up concept that everyone agrees to participate in.

@Hunter2020 Right.... It's a scam, with open source code anybody can verify, peer to peer value transfer without 3rd party risk, incredibly robust security and voluntary free-market participation.... But please do go on about how it's a scam! The scam your government invented is fiat currency. You got it twisted.

Interesting point of view, but it took a few good years for China to ban it and, in those years, the locals involved in the mining farms made fortunes. Probably the local authorities as well, by taxation of goods purchased by the miners or direct tax on their profits (I don't know for sure how it worked, since everywhere there were people involved in mining who did it 100% the legal way and others who didn't).

Bitcoin is a scam invented by the CIA to rob people of their wealth.  This the primary reason why China banned it in the first place.