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Response to Budi (Original post)

Tue Dec 29, 2020, 09:35 AM

1. I'd like to say Bitcoin is backed by nothing

But that's not as true as I would wish: it's backed by online convenience. I will argue that "online convenience" is not as beneficial as "guaranteed as acceptable to retire debts to the government that would eventually land you in jail," (i.e. an alternative way of saying "legal tender for all debts, public and private".

I truly think that, if the Federal Reserve got its act together and provided a dollar-denominated blockchain cryptocurrency with low transaction costs, Bitcoin and all its ilk would evaporate like dew in the desert morning.

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Budi Dec 2020 OP
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HariSeldon Dec 2020 #1
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