Hacker News new | ask | show | jobs
by briatx 3073 days ago
Bitcoin isn't backed by an asset. It's not really backed by anything other than people's expectation that it is worth something now (and it will be worth more in the future).

This is true even for the miners, since they would not build out infrastructure and burn energy if bitcoin was worth zero.

2 comments

So is Gold!
> Bitcoin isn't backed by an asset.

It's backed by hash rate, which secures the blockchain.