mt: Re: “Currencies have governments backing them. Crypto has nothing.”
Decomposed > What gave you that idea?
Let me see.
I can take my dollars to any number of places here in the U.S. and buy all kinds of goodies with them. Clearly the Dollar has value.
If the government royally screws things up we get high inflation and my dollars lose value.
If the government behaves in an acceptable manner, my dollars maintain value.
So, Dollars have value and the government does 'back' it. Not with gold, true. But given that the government can keep inflation high or low . . the dollar is backed.
What 'gives' a bitcoin value?
So a bitcoin starts out at, say, $50 a coin . . . Then it goes for over $100 a coin . . . And now over $1,000 a coin. Why? What 'value' does a bitcoin actually have to justify that rate of price increase?
Kind of reminds me of 1999. dot.com stocks soaring like rockets. And then look what happened to them in 2000.
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