I’ve realized the correct answer to the question “WhAtS iT bAcKeD bY??”
Code. It’s backed by code.
I’ve realized the correct answer to the question “WhAtS iT bAcKeD bY??”
Landon Moore
Owen Butler
Checked
Jacob Lopez
Nathan Ross
A more accurate response would be computing power, but you are doing better than most. Keep it up newfriend! I believe in you.
Lincoln Peterson
scarcity and utility is a much more important factor determining a currency than "MUH INTRINSIC VALUE" and it's always why people call shitcoins, shitcoins.
Colton Walker
wrong answer. it's backed by nothing but consensus. because btc is consensus.
Jaxson Baker
It's not backed by anything, it's worthless.
Bitcoin is theranos of blockchain.
Theranos, an absolute worthless scam existed for 15 years, bitcoin lasted 10 years so far.
Jacob Barnes
You almost had it and correctly said economic self-interest. Maybe next time
Asher Martin
if the value is intrinsic, it doesn't need to be backed by anything.
Alexander Davis
intrinsic value doesn't exist
Robert Brown
Josiah Bailey
Backed by code that anyone can use and steal?
Ian Collins
Its backed by the confidence of legions of turbo-autists
Sebastian Gomez
What? I'll be damned, I thought it had digital gold inside!
Camden Roberts
Money requires only a small number of characteristics for people to adopt it as a means of exchange -- being backed by things isn't one of them, so the question is retarded to begin with.
"What is gold bAcKeD bY?"
It's "backed" by its defining features: durability, portability, divisibility, uniformity, limited supply, acceptability. All of which are better served by Bitcoin, except the last one, for the time being
Cameron Baker
>It's "backed" by its defining features: durability, portability, divisibility, uniformity, limited supply, acceptability. All of which are better served by Bitcoin, except the last one, for the time being
lol
Nathaniel Gray
its backed by Nodes, and commodities.
Energy is a commodity.
Gold is a commodity.
These two are required to process transactions on the Network. Gold & Silver are used in all ASIC's and GPU's.
Matthew Gomez
food has intrinsic value as an energy source conduit for animals.
Eli Nguyen
That value is only relative to humans need to eat. Food is valueless to someone who can’t consume it
James Walker
send the bitcoin backup code , now
Oliver Ramirez
If you have to explain that to people, you're hanging out with idiots.
Asher Perry
>Since 1971, U.S. citizens have been able to utilize Federal Reserve Notes as the only form of money that for the first time had no currency with any gold or silver backing. This is where you get the saying that U.S. dollars are backed by the “full faith and credit” of the U.S. Government.
wew
Leo Collins
yes but the humans find the value within the food. yes it is all relative, but the food doesn't need to be backed by anything for the human to recognize its value. we aren't having a conversation about the meaning and value of things according to anyone but humans.
Nathaniel Foster
100% greed, pure and simple. You never hear anyone mention else about BTC except the price. Scarcity is irrelevant when no one wants it. If no one wants it, consensus and and computing power of the network doesn't matter. Bitcoin is no different than tulips.
Dylan Jones
>Food is valueless to someone who can’t consume it
Disabled people or people with medical problems don't count. Most people can consume food. People that don't eat won't live long anyway. Generally speaking, food will always have utility. On the other hand, cryptocurrencies don't have utility beyond being speculative assets.
Gabriel Hill
Money is supposed to represent value, not to have value itself
If anything, that's where the value is, it gives you the convenience of not having to exchange beans for goats or anything like that
Brody Reed
It's backed by the largest computing power ever.
Brody Miller
>permissionless payment processor
>only true democracy
>ability to move virtually any size of funds globally within minutes.
If you don't see the intrinsic value of bitcoin, you will one day, but you wont be able to afford any.
Brayden Davis
>food is more profitable than delivering data
Then open a restaurant so I can literally take your money to let you use my network when you want to charge the customer with the ((((new and cool)))) payment method, you filthy nolinker. You're literally going to be taxed by neet node operators.
How does it feel?
Jacob Ward
>permissionless payment processor
Bitcoin doesn't process any payments.
>only true democracy
It's not true democracy when you have to jump through so many hoops to buy and spend bitcoin. ATMs have high fees and meetups with localbitcoins can get you mugged. The network is also centralized. Most of the nodes and mining operations done in a few countries.
>ability to move virtually any size of funds globally within minutes.
Have you ever moved BTC from one wallet to another? It takes at least an hour.
Jack Rivera
>It's backed by math
Landon Diaz
> bitcoin
>tulips
The fact that 1 BTC has been worth more than an ounce of gold for over 2 1/2 years ought to tell even brainlets like yourself that it's already entrenched itself as a digital gold of sorts. Also consider the fact that it is more scarce than gold, that the scarcity and supply is predictable and programmed in code, that it is vastly easier and cheaper to store and move than gold and that now even institutional investors have keen interest in it. If all that doesn't turn on the light bulb in your dense head, then you deserve to remain poor faggot
Jordan Walker
the bitcoin protocol is a payment processor.
bitcoin relies on consensus.
yes I have. call it minutes or an hour. the important part is the capability not the difference between a few minutes an hour.
it looks like you just don't know very much about bitcoin and I suggest you read its whitepaper before making any comments about what it is and isn't.
Henry Kelly
this
what the fuck am i reading, Jow Forums truly is full of complete retards
its fucking backed by math, specifically SHA-256 you mongs
Christopher Long
It's value is a paradox
It has value specifically because it has no intrinsic value. It's made to be pure money and therefore isn't held back by limitations of currency-commodities like gold, rice, or cowrie shells.
Jackson Brooks
Woke, based, redpilled and big-brainoh
Wyatt Hughes
Backed by scarcity in the time of QE
Gabriel Foster
>it's "backed" by some NSA shilled hack used for every other password in the backend
huh?
Isaiah Jones
>“WhAtS iT bAcKeD bY??”
go the fuck back to tumblr.
Carson Hill
>the important part is the capability not the difference between a few minutes an hour.
The speed of transaction is a measure of capabillity. A few minutes versus an hour is a HUGE difference. You can't handwave the importance of transaction speed when it's critical to scaling and adoption. It's not a matter of opinion that Bitcoin is slow. The fact that you're only mentioning the whitepaper shows that you know jackshit about Bitcoin.
Andrew Peterson
>you never hear of anyone making spacecraft heat shields from their gold bullion
>reeeeeeeee you must use it for transactions otherwise it has no value