Bitcoin Is Not Backed by Nothing

Sorry this is complete BS. Inflation makes the dollar more useful for exchange. Not only that, the dollar is great for consumer goods as it is pegged to a basket of them unlike Bitcoin. Then on top of that, the liquidity available for trading and moving USD across markets is at least 2 orders of magnitude greater than BTC.

I sold all my btc a long time ago for better cryptocurrencies, and the price appreciation of those relative to Bitcoin proves the point further.

Re: Bitcoin Is Not Backed by Nothing

#6

Post by ericpauley » Sun, Apr 02, 2023, 10:34 PM UTC

> Governments tax what is valuable; a good is not valuable because it is taxed.

The difference is that, if you earn something valuable that is not US Dollars (e.g., Bitcoin), the US Government (the most powerful organization in the history of civilization) will tax you on it in US Dollars, and project global power towards collecting it. The reverse is not true.

Re: Bitcoin Is Not Backed by Nothing

#7

Post by davidw » Sun, Apr 02, 2023, 10:34 PM UTC

> Bitcoin is out-competing its analog predecessors on the basis of its monetary properties. Bitcoin is finitely scarce, and it is more easily divisible and more easily transferable than its incumbent competitors.

This seems false to me. I can tap a piece of plastic to pay for all kinds of things and then pay that off in turn with a few clicks on a web site. And it's all pretty secure and safe and has well established rules for when things go wrong that do a pretty good job of protecting me.

Re: Bitcoin Is Not Backed by Nothing

#8

Post by vntok » Sun, Apr 02, 2023, 10:36 PM UTC

meghan_rain wrote: post #4

> Bitcoin is finitely scarce it's literally just a variable in a config file lmao

Could you tell us how exactly you would convince the owners of 18k bitcoin nodes all over the world to just apply your line change and keep on?

Re: Bitcoin Is Not Backed by Nothing

#9

Post by mattrighetti » Sun, Apr 02, 2023, 10:36 PM UTC

blibble wrote: post #3

bitcoin is backed by CO2 or wasted energy

I’m playing the devil’s advocate here but the concept of wasted is subjective. Definitely not wasted if it gets me a couple thousand dollars a month.

Re: Bitcoin Is Not Backed by Nothing

#10

Post by zeronine » Sun, Apr 02, 2023, 10:37 PM UTC

bitcoin is backed by shill articles