4 ms·
It doesn’t solve anything. Currency used to be backed by gold. There was always a fallback value of currency in the form of gold. Crypto falls back on the US d
by philliphaydon 4y ago
It doesn’t solve anything. Currency used to be backed by gold. There was always a fallback value of currency in the form of gold.
Crypto falls back on the US dollar. If the US dollar collapses. As too does Bitcoin. And there is nothing in place to prevent this.
- Retric 4y agoCrypto is in no way backed by the dollar. That would imply you could always trade Crypto for some minimum number of dollars after a crash. But as has been demonstrated repeatedly coins can and go to 0$.
- philliphaydon 4y agoSure, coins can crash and turn to dust. But it doesn't change the fact its value is determined by the dollar. If the dollar crashes, bitcoin has 0 value. No one buys and sells in bitcoin so bitcoin has no real value at the end of the day. It solves no problem.
- Retric 4y agoPeople buy and sell crypto in other currencies. It’s possible for the dollar to crash without destroying crypto, though it seems unlikely for the dollar to crash without severe global issues that would likely take down crypto as well.
- 22289d 4y agoThat's an interesting hypothesis - though one that is far from fact, that many would disagree with, and which has never been tested. As such, you might want to avoid fallaciously stating it as a certainty.