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Joined 11 months ago
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Cake day: February 7th, 2024

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  • 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.