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The USD is backed by "the full faith and confidence of the US Government" since leaving the gold standard. Bitcoin is backed by collective faith and confidence
by Goronmon 6y ago
The USD is backed by "the full faith and confidence of the US Government" since leaving the gold standard. Bitcoin is backed by collective faith and confidence in the security and utility of the underlying blockchain.
The utility of a country, it's people/resources/military/economy/etc, is pretty obvious. What is the utility of the blockchain outside of the value of Bitcoin itself?
- darioush 6y agoFor example, "the collective lack of full faith and confidence of the people that the US Government will always act in their best interest"
- imtringued 6y agoLet's say Bitcoin grows by another 1000x. Will people create a Bitcoin state that guarantees the value of Bitcoin? Is that the end goal?