Quote:
Originally Posted by Crowbob
The move toward crypto has a lot to do with the precariousness of traditional currency, especially since trad currency is no longer backed by anything.
It looks to me like crypto is also not backed by anything. Dollars have value simply because we all agree that it has value. BTC has value the same way; by convention.
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I don't see what crypto is backed by either. It looks like another collectible craze to me, like Beanie Babies. As far as I can see, it has value only because it is a limited commodity and people are competing to buy it. I disagree that the dollar only has value because we agree that it does. The dollar is backed by the US Government, and the US Government owns gold, land, physical property of many kinds, and has taxing ability. We can disagree about the value of the dollar, but it is backed by
something tangible.
Quote:
Originally Posted by Crowbob
What I find interesting is that the value of BTC is measured in dollars just the same way the value of a dollar was measured in gold.
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LOL! Yes.
Quote:
Originally Posted by Crowbob
I’m not smart enough to understand BTC just as I don’t understand airplanes or magnets. But here they are!
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And thermos bottles!! The
same thermos bottle will keep hot stuff hot and cold stuff cold. How does it know whether to keep the stuff you put in it hot or cold?