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How is it not backed by its cult value? It's the same as gold, only valuable if enough people agree that it's valuable. The technical foundations make it cool t
by burkaman 1y ago
How is it not backed by its cult value? It's the same as gold, only valuable if enough people agree that it's valuable. The technical foundations make it cool to think about, but not valuable without a large community of like-minded people.
- IlikeKitties 1y agoGold has at least some value outside of "cult value" since it has industrial and decorative use.
- deleted 1y ago[deleted]
- c0balt 1y agoGold also has the nice property that it "just works", it will be there without electricity or an uplink to some network
- georgemcbay 1y agoCrypto actually has all of the same fundamental flaws the person you are replying to claims it liberates people from, they just take slightly different forms. As you mentioned, like any currency its worth whatever people collectively believe that its worth and nothing more. And on top of that, while it may not be tied to a singular government like the USD, it is heavily tied to being used in a place with operational telecomm and electricity infrastructure, which requires a functional societal order that the "military and economic strength" the original reply was talking about provides.