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Someone did not think that through. You could make the same argument with about: that they're essentially the same as some number in a spreadsheet. What makes
by chmod775 4y ago
Someone did not think that through. You could make the same argument with about: that they're essentially the same as some number in a spreadsheet.
What makes people trust a currency is who is controlling it. In the case of some cryptocurrencies that answer may be "people who contribute processing power". For USD that is "the US government", and for miscellaneous virtual currencies it may be some company who manages it in spreadsheet...
- deleted 4y ago[deleted]
- jl2718 4y agoFiat: If you give me food and shelter that I need to survive, I’ll give you numbers in a spreadsheet that you need to give to the people with guns so that they don’t lock you up in jail or shoot you.
- lvass 4y agoThat's totally correct. But it's also how it works the best, the world is brutal, move on. I'd rather face that than the bank run I just went through, and I was practically unscathed compared to the many horror stories out there.
- vba616 4y agoFiat currency can be and is used by people who don't live in the country that issues it. Think of prisoners using cigarettes for currency - it's not necessary for the tobacco companies to be involved or even care.
- chmod775 4y agoOops! The second sentence should read: "You could make the same argument about USD: ..."