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52 sats \ 7 replies \ @bitcointerest 24 Nov 2023 \ on: Stacker Saloon
I absolutely hate it when people say Bitcoin is backed by nothing. What about the ridiculous amount of energy that goes into producing a single Bitcoin? What about the Bitcoin code? What about the millions of miners around the globe solving complex equations. What about tje cryptography used to safeguard individual wallets. Most importantly, what about every single cowboy in the SN Saloon?
https://m.stacker.news/5781
I find the term "backed by" to be rather incoherent.
Does it mean to be redeemable for something, as old currencies were for gold?
Does it mean hard to produce, as we see with precious metals and real estate?
Does it mean value derived through threat of violence, as claimed by those who say the USD is "backed by the US military"?
Does it mean a combination of the above, or something else altogether?
It's one of those terms whose definition is so muddied and confused that I find it fruitless to engage with.
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I agree. I just find it very annoying when people use that as their argument.
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Exactly, it's backed by a growing community and can't be stopped
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Well said.
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Bitcoin doesn't need trust in third-parties. That's what makes it so special. Anyone can run the blockchain on their miners and start validating transactions. Its a perfect system.
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