Bitcoin is backed by no external value aside from people saying it is currency or worth something.
Bitcoin is a fiat currency.
Bitcoin is backed by no external value aside from people saying it is currency or worth something
Zachary Johnson
Luke Lewis
People accepting it as money gives it intrinsic value. The intrinsic value is reinforced by computational effort instilling trustable (trustlessness) comparable to the backing of a questionable state.
Where the fuck have you been these past years?
Eli Parker
>PoW
Landon Allen
>People accepting it as money gives it intrinsic value.
Huh, guess the USD isn't fiat anymore.
Jace Martin
It may be fiat but it's fiat where anyone with Bitcoin Core downloaded on their computer is their own bank, and can watch the market. Bitcoin has proven that centralised banks are effectively defunct and only further proves finance is run by elites.
Kevin Cruz
USD is given value by the government
Adrian James
People accept it as money, so that gives it intrinsic value.
Logan Turner
>power goes out
>btc disappears
Austin Gonzalez
Such a low piece of shit quality thread.
Is this some extremely retarded gold shill thread ? Or some pseudo communistic "the unmotivated, poor people did nothing wrong (literally)" topic? Can't even tell you to fuck off this way. Why did i even bump this 0/10 thread?!
Parker Thomas
except it's not
you see the magic of distributed technology is that it's distributed, in Bitcoin's case, the data exists in many places on all continents of the world. Power can go out, nuclear detonations can wipe out entire nations, solar flares can engulf the earth, some mad scientist can EMP the whole planet, yet bitcoin will still remain, because some greasy neckbeard out there, is running a full node in his basement on a an old laptop with a HDD.