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by betterunix 4600 days ago
1. Bitcoin is not backed by anything. The work that goes into creating Bitcoin via the mining process has no bearing whatsoever on the value or utility of Bitcoin.

2. USD is backed by the law -- laws concerning debts, laws concerning taxes, laws concerning torts, etc. The law is what makes USD useful, which is why USD has value.
2 comments
gustoffen 4599 days ago
You are wrong about point number 1. The purpose of mining is to process and secure bitcoin transactions. The work that goes into mining is what provides the utility of bitcoin. The 25 btc mining reward is just an incentive.
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betterunix 4599 days ago
The problem with your theory is that it permits anyone to start their own Bitcoin fork and magically people will use it.
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shitgoose 4600 days ago
Nice touch - write comments like this while smoking grass purchased on SR2 with Bitcoins:) You have great sense of humor.
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