A cryptonerd once asked me ironically "what actually backs the US dollar?" My response was "11 aircraft carriers that will park off the coast of any country th

A cryptonerd once asked me ironically "what actually backs the US dollar?" My response was "11 aircraft carriers that will park off the coast of any country that refuses to recognize it." "Fiat" at this point is just a loaded term used to try and dismiss all the things that actually make money worth something. Regulation, governance, monetary policy, and enforcement. The second someone finds a repeatable double spend attack in bitcoin, the whole market cap crashes to zero and everyone will be screaming "why isn't anyone stopping this???"