296 sats \ 1 reply \ @om 12 Jun 2023 \ on: Unpopular Opinions - A Weekend Discussion bitcoin
I'm pissed when Bitcoiners say that Bitcoin is backed by energy.
No it's not! Unless you can get it back somehow.
If BTC would be backed by electricity, then LTC, DOGE, XMR etc. would also be. And are they?
Bitcoin isn't backed by any physical asset. Energy is needed for it but it's not backing it.
100 years ago "Henry Ford suggested a currency backed in kilowatt hours (kWh) and this is exactly what was found for Bitcoin in Bitcoin’s Energy-Value Equivalence - Bitcoin is “backed” by energy input."
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