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At the end of the day, for better or worse, the US dollar is backed by the US military. Virtual coins are backed by the greater fool. What a strange toss-up.

• Onavo 9mo ago
  But the stable coins are also backed by the US military. All major USD stablecoins have sanctions mechanisms baked into their smart contract. See for yourself the blacklist features https://github.com/circlefin/stablecoin-evm/tree/master/scripts/hardhat https://github.com/circlefin/stablecoin-evm/tree/master/scri...
• anukin 9mo ago
  Usdc is backed by US dollar denominated treasuries for most major issuers.
  • Hamuko 9mo ago
    Is there actually any proof of this or is it Tether-tier magic money?
  • bandrami 9mo ago
    It's broadly agreed that hasn't been the case for a while now, but that at the moment it's better for everybody if we pretend it still is
• deleted 9mo ago
  [deleted]
• zx8080 9mo ago
  > US dollar is backed by the US military. No, it's not. It's not possible to come to the US soldiers with a bunch of US dollars and some demands and get what's demanded in return for the dollars. Only trust of the other market participants backs the US dollar.
  • direwolf20 9mo ago
    It's the other way around. If you don't trade in dollars, the military comes and demands that you do.
    • RealityVoid 9mo ago
      Is the peso backed by the Mexican government? Because I'm afraid of all these militaries coming and knocking down my door to use their money.