3 ms·

Congratulations, you've also just described the U.S. dollar. Not backed by real life assets and scarcity not guaranteed by the federal reserve.

• vladd 15y ago
  Unlike bitcoins, law guarantees the uniqueness of the dollar as a currency in US. The government collects via tax, in USD, a significant percentage each year (15% - 35% ?) of the wealth created by US corporations and residents.
• ohashi 15y ago
  It's backed by the largest military on earth. That's not nothing.
  • sneak 15y ago
    You and I are using different definitions of the word "backed".
    • ohashi 15y ago
      See, that's where I disagree. If we look at the definition: Give financial, material, or moral support to: "go up there and tell them—I'll back you up". I think the military falls under material support.