Earlier quoted context omitted.
>Bitcoin's value is given by the trust people put in it. Just like with the fiat currencies as a matter of fact Except fiat currencies also have that fiat behind them that gives them value. If you want to do business with the US government, you do it in USD. If you are one of the millions employed by the US government, you are paid in USD. If you manipulate USD, you have to answer to the US government. Those things a…
The nation backing of fiat also is its downfall. Look at our monetary base [1] for an example. The US adjusted monetary base in in 1984 was about $183 billion. In the 24 years to 2008 it increased at a roughly linear rate to $874 billion. Just from 2008 to 2015 it increased to more than $4 trillion. The Fed themselves wrote an article [2] expressing some concern about the "nontraditional monetary policy" that instiga…
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#431It's funny how monetary base expansions are STILL used as arguments against fiat money. People like you were predicting doom because of it since 2010. Nothing happened. Except economies recovering, which was the design goal. The FED will also start to reduce its expansion soon, and catastrophe is still not anywhere to be seen. You were simply wrong, get over it.