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No it's not nonsense at all. A country can default no matter the intentions and attempts of it's government. There is always a reality. That same reality plays
by ThomPete 9y ago
No it's not nonsense at all. A country can default no matter the intentions and attempts of it's government.
There is always a reality. That same reality plays out differently with bitcoin compared to the USD but fundamentally there is no absolute base for either currency nor bitcoin. And history is littered with examples of this.
- Nursie 9y agoThat's not what I called nonsense. The nonsense part was you saying that the BTC community back the currency like a government. They can't, the currency doesn't work that way.
- ThomPete 9y agoIn what way are they different besides the trivial differences? Who backs the state?
- Nursie 9y agoBecause the state can create more currency, change interest rates and various other things that cannot be done with Bitcoin. This is by design and is widely celebrated by the community. I'm surprised you don't know this.
- ThomPete 9y agoYou arent answering the question. Who backs the state?
- Nursie 9y agoThe question is irrelevant, there is a clear difference between the 'backing' of a state which can manipulate the currency supply directly and the backing of entities that cannot. You claimed that bitcoin's backers have the same power as the state. They do not. End of story.
- ThomPete 9y agoNo I claimed that they have the same function. Neither of them can secure against defaulting completely but the function is the same. There is enough inertia in the bitcoin network enough people with most of the bitcoins gotten at a very low price and holding, other words there is a base. So no it's not irrelevant it's the very core of this discussion.