Especially since the dollar was exchangeable for the 10,000 tons of gold stored in Fort Knox etc. prior to 1971. Those 10,000 tons of gold are still there - ob

Especially since the dollar was exchangeable for the 10,000 tons of gold stored in Fort Knox etc. prior to 1971. Those 10,000 tons of gold are still there - obviously as a means to back the dollar (what alternative explanation is there?) An announcement on the news by the president that a gram of gold could be gotten for X dollars would be enough to put a floor under the dollar. Bitcoin does not have 10000 tons of gold in reserve backing it. We don't even know the identity of the person who invented this scam. The truth is this scam really ended in November 2013 when Bitcoins were worth $1100 and they cashed in to the tune of hundreds of millions of dollars. That these worthless hashes still have people paying $226 a pop for them is a sign of all those things stated here on HN of all that loose money sloshing around due to monetary easing. It reminds me of all those subprime loan billboards I saw in the ghetto in 2007, or the pets.com Super Bowl commercials, and other such bubbles. The kids who did Dogecoin created a $14 million market cap with some goofy 4chan pictures and memes. The $3 billion market cap for worthless Bitcoin hashes are equally ludicrous. Why are Bitcoins collectively worth $3 billion? It is an unanswerable question. The same reason the subprime real estate market, or Pets.com-type dot bomb stocks, or Dutch tulip bulbs for that matter attained crazy prices. Bubbles happen. This is the first time I can recall that something completely worthless became worth $3 billion though ($13 billion before the scam started unwinding).