[myle]

The comments on Bitcoin threads make me realize how much people are happy to bend the truth (e.g. energy consumption) to justify what pays them (or they think it pays them.

Bitcoin started with no connection to real money. Still the connection is quite flaky. Essentially people are buying pieces of the output of a program without any government/majority backing that has any worth. Then, they try to justify it, because for the time being, the main/practically only way to make money out of it, is to find someone else to sell party of this output.

I guess I am getting old and I can't understand how something with so high transaction fees, latency, environment impact, computationally inefficient (as a feature!) is something sought after by some people.

[errantmind]

One reason: a central bank like the FED can't fuck it up. That is enough of a reason to give it value. Even if it was banned by Fincen, it wouldn't stop all countries from using it. That one reason is just too strong. Think about it, if you are some other country that isn't the USA, would you trust the USA not to inflate away the value of your foreign reserves? Bitcoin and other cryptocurrencies solve this game theory type problem