Again, this is incorrect. The reason dollars are not “backed by gold” (an arbitrary metric since gold is kind of useless — guns or bread or even puppies would make more sense) is that the US dollar is a currency, an IOU, not some sort of finite resource.
Dollars represent public trust in the power of the US government to extract taxes from its citizens. That’s tangible.
Bitcoin represents nothing; or if I’m being generous, I could say that bitcoin’s value represents people’s faith that the game of musical chairs won’t end tomorrow.
Again, this is incorrect. The reason dollars are not “backed by gold” (an arbitrary metric since gold is kind of useless — guns or bread or even puppies would make more sense) is that the US dollar is a currency, an IOU, not some sort of finite resource.
Dollars represent public trust in the power of the US government to extract taxes from its citizens. That’s tangible.
Bitcoin represents nothing; or if I’m being generous, I could say that bitcoin’s value represents people’s faith that the game of musical chairs won’t end tomorrow.
It’s good you dropped the last part, because it disagreed with the first part.
Nah, it didn’t, but I had written it elsewhere. I didn’t think going on and on about how bitcoin represents nothing was helpful.