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kaia
> Bitcoin is backed by nothing. The only thing that makes it valuable is that you and I, a community of people, have agreed that maybe this token is worth something

so like any fiat currency??
Public
Nicro

@kaia Fiat indexes are usually backed by reserves of (internationally) valuable resources. Putting aside if gold is a good choice for that. You can also back something by the availability/demand of oil, or the price of potatoes, or the profit of a company. But those are tangible things. Bitcoin is like Art, in that it's demand is only sourced by it's popularity. And Bitcoins availability is directly linked to mining difficulty. Might make a detailed post once I have a higher limit.

Public
kaia
@Nicro what about the 1933 "US abolishes gold standard" meme? so you are saying the US dollar is backed by something else now?
Nicro

@kaia according to Forbes, the dollar in particular is backed by production. So the stuff in the US being on sale for dollars. Didn't know that. So aside from the production being localized (stuff made in the US usually sells for dollars), it's similar. I heard that some nation already uses crypto for local payments, so I guess that would give it backing.

Nov 05, 2023, 10:01 AM·Public·Husky
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