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The same could be said it FIAT currencies. It’s all an illusion/religion.

ForHackernews 6y ago
Absolutely. It's just funny that many cryptocurrency advocates reject "fiat" currencies for being fake and arbitrary, but bitcoin is even more fake and arbitrary. At least USD has the non-illusionary property of keeping me out of jail when paid to the IRS. ;) Why is BTC worth more than BCH?
auggierose 6y ago
it is, but bitcoin is a particularly stupid one
notahacker 6y ago
One is an illusion based around a legal system of enforceable debt, and the other is an illusion based on current speculator psychology. One of those illusions is more powerful and sustainable than the other
UncleMeat 6y ago
Fiat currencies (of democratic nations) are democratically controlled. That makes them fundamentally different from cryptocurrencies controlled by early adopters, a few engineers, and mining rigs.
- freddieoduks 6y ago
  serious question, how is the democratic process different between the two? One i.e. democratic nations are a group of people on the same piece of land that. The other is a group of people on the internet.
  - UncleMeat 6y ago
    A few years ago the BTC/BCH split happened. This was a major philosophical decision that creates winners and losers and changes the trajectory of the winning coin forever. It was a fiscal policy decision. It was made exclusively by software engineers and miners. Miners get to vote based on their wealth. I don't consider that to be "a democratic process". There is no guarantee of enfranchisement. Some people get far far far more votes than others. It is more like a council of aristocrats.
yokaze 6y ago
No, FIAT currencies derive a value by the government putting one to it. The government spends it and accepts payment with it. Government spending in the US is 35% of the whole GDP. Try to argue with your tax office, that it is an illusion/religion.
- anthonypasq 6y ago
  no, this is literally macro economics 101 dude. Governments don't give money value. People's belief it has value is what gives money value.
- freddieoduks 6y ago
  the only reason the dollar has any value at all is that it is issued within the context of a society full of people who have agreed to treat it as though it has value. Without that faith, every major currency on Earth would be as useful as small pieces of paper generally are

Absolutely. It's just funny that many cryptocurrency advocates reject "fiat" currencies for being fake and arbitrary, but bitcoin is even more fake and arbitrary. At least USD has the non-illusionary property of keeping me out of jail when paid to the IRS. ;) Why is BTC worth more than BCH?

auggierose 6y ago

it is, but bitcoin is a particularly stupid one

notahacker 6y ago

One is an illusion based around a legal system of enforceable debt, and the other is an illusion based on current speculator psychology. One of those illusions is more powerful and sustainable than the other

UncleMeat 6y ago

Fiat currencies (of democratic nations) are democratically controlled. That makes them fundamentally different from cryptocurrencies controlled by early adopters, a few engineers, and mining rigs.

freddieoduks 6y ago
serious question, how is the democratic process different between the two? One i.e. democratic nations are a group of people on the same piece of land that. The other is a group of people on the internet.
- UncleMeat 6y ago
  A few years ago the BTC/BCH split happened. This was a major philosophical decision that creates winners and losers and changes the trajectory of the winning coin forever. It was a fiscal policy decision. It was made exclusively by software engineers and miners. Miners get to vote based on their wealth. I don't consider that to be "a democratic process". There is no guarantee of enfranchisement. Some people get far far far more votes than others. It is more like a council of aristocrats.

yokaze 6y ago

No, FIAT currencies derive a value by the government putting one to it. The government spends it and accepts payment with it. Government spending in the US is 35% of the whole GDP. Try to argue with your tax office, that it is an illusion/religion.

anthonypasq 6y ago
no, this is literally macro economics 101 dude. Governments don't give money value. People's belief it has value is what gives money value.
freddieoduks 6y ago
the only reason the dollar has any value at all is that it is issued within the context of a society full of people who have agreed to treat it as though it has value. Without that faith, every major currency on Earth would be as useful as small pieces of paper generally are