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   kaia (kaia@brotka.st)'s status on Sunday, 05-Nov-2023 07:05:26 JST kaia
   > Bitcoin is backed by nothing. The only thing that makes it valuable is that you and I, a community of people, have agreed that maybe this token is worth something
   
   so like any fiat currency??
   • Haelwenn /элвэн/ :triskell: likes this.
   • Embed this notice
     Sexy Moon (moon@shitposter.club)'s status on Sunday, 05-Nov-2023 07:06:31 JST Sexy Moon

     in reply to
     @kaia who said that lol
   • Embed this notice
     kaia (kaia@brotka.st)'s status on Sunday, 05-Nov-2023 07:07:31 JST kaia

     in reply to

     • Sexy Moon
     @Moon
     some 'expert' in a Bloomberg Original on FTX
     
     https://www.youtube.com/watch?v=3QpdU9LS540
     Sexy Moon likes this.
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     iced depresso (icedquinn@blob.cat)'s status on Sunday, 05-Nov-2023 07:09:28 JST iced depresso

     in reply to

     • Sexy Moon
     @kaia @Moon I love watching the neuron activation as people realize everything they say bad about BTC is also true of USD/EUR :neocat_laugh:
     Sexy Moon and Haelwenn /элвэн/ :triskell: like this.
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     iced depresso (icedquinn@blob.cat)'s status on Sunday, 05-Nov-2023 07:10:56 JST iced depresso

     in reply to

     • Sexy Moon
     • iced depresso
     @kaia @Moon
     :blobcatgoogly: but BTC will boil the oceans! that's why fiat is so good!
     meanwhile, fiat: :blobcatwine: mmm, war.
   • Embed this notice
     ThisIsTheEnd (d9dba0e072bdb353dfb0020de159126af47e69e133ea91bbd48e8bede37320e2@mostr.pub)'s status on Sunday, 05-Nov-2023 07:30:42 JST ThisIsTheEnd

     in reply to

     • realcaseyrollins ✝️
     Backed by the NSA as well!
     kaia likes this.
   • Embed this notice
     realcaseyrollins ✝️ (realcaseyrollins@social.teci.world)'s status on Sunday, 05-Nov-2023 07:30:43 JST realcaseyrollins ✝️

     in reply to

     @kaia That’s actually not even true, it’s backed by solved math problems

     Crypto has FAR more solid backing than any arbitrarily-printed fiat currency

   • Embed this notice
     iced depresso (icedquinn@blob.cat)'s status on Sunday, 05-Nov-2023 10:18:52 JST iced depresso

     in reply to

     • Sexy Moon
     • Aroop Roelofs :verified:
     @finlaydag33k @kaia @Moon the USA has been known to bomb people who try to start their own oil or gold backed currencies
   • Embed this notice
     Aroop Roelofs :verified: (finlaydag33k@social.linux.pizza)'s status on Sunday, 05-Nov-2023 10:18:54 JST Aroop Roelofs :verified:

     in reply to

     • Sexy Moon
     • iced depresso

     @icedquinn Except that the currency-type has little to nothing to do with war ("money is money").

     WW1 took place under the gold standard, WW2 saw a limited gold bullion standard (and Bretton Woods), The Korean war + Vietnam war + Bamileke and many more happened under the Bretton Woods system before the "Nixon Shock" in 1971 when it all turned into fiat currency.

     ISIS and ISIL were known to use BTC as well for their wars.

     @kaia @Moon

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     kaia (kaia@brotka.st)'s status on Sunday, 05-Nov-2023 18:33:45 JST kaia

     in reply to

     • Nicro
     @Nicro what about the 1933 "US abolishes gold standard" meme? so you are saying the US dollar is backed by something else now?
   • Embed this notice
     Nicro (nicro@toot.community)'s status on Sunday, 05-Nov-2023 18:33:46 JST Nicro

     in reply to

     @kaia Fiat indexes are usually backed by reserves of (internationally) valuable resources. Putting aside if gold is a good choice for that. You can also back something by the availability/demand of oil, or the price of potatoes, or the profit of a company. But those are tangible things. Bitcoin is like Art, in that it's demand is only sourced by it's popularity. And Bitcoins availability is directly linked to mining difficulty. Might make a detailed post once I have a higher limit.

     kaia likes this.
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     Nicro (nicro@toot.community)'s status on Sunday, 05-Nov-2023 19:02:00 JST Nicro

     in reply to

     @kaia according to Forbes, the dollar in particular is backed by production. So the stuff in the US being on sale for dollars. Didn't know that. So aside from the production being localized (stuff made in the US usually sells for dollars), it's similar. I heard that some nation already uses crypto for local payments, so I guess that would give it backing.

     kaia likes this.
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     ロミンちゃん (romin@shitposter.club)'s status on Monday, 06-Nov-2023 07:25:23 JST ロミンちゃん

     in reply to
     @kaia uh no, in the case of fiat currency, the guvment says 'this piece of paper has value', and you have to cope with it.