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What you are saying, if I understood you correctly, is that money is a method of accounting. If all money is borrowed, then money is literally worth 0, which wh
by csomar 2y ago
What you are saying, if I understood you correctly, is that money is a method of accounting. If all money is borrowed, then money is literally worth 0, which what a unit in an accounting system is worth.
If this makes sense to you, then it'll make sense why Bitcoin is worth something. There is a circular demand to it even without debt. I'll not argue to the legitimacy of that demands (scams, phishing, laundering, etc...) but it is demand and it creates a baseline value (beyond the boom/busts it cycles through).
- impossiblefork 2y agoNo, absolutely not. Money has value because of the loans. It is not without value because of the loans. Because there are denominated loans in dollars people who have those loans have to get dollars to avoid losing their houses etc., and therefore dollars have value. Because there's very little in loans denominated in Bitcoin, bitcoin has no value.