That's the interesting thing about crypto. It backs itself in the same way any fiat currency does - faith in its stability and trustworthiness. The people who do not have faith in it, do not understand it, or DO understand it and hate what it could do to the banking cartel.
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Maybe if the computations themselves were useful to the government?
Thanks. Twitter will use this to make your timeline better. UndoUndo
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You're fundamentally not seeing what backs bitcoin - it's the network and the millions of MW/h it consumes that back up the scheme. All money is more or less a proxy for energy (food, fuel, heat, etc), and bitcoin is the least abstracted.
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That's not useful energy. If I had a certificate that gave me the right to use 100MJ of energy from the local power plant, that would be worth something. Bitcoin just shows me that someone did calculations in the past.
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It's useful because you need massive amounts of energy to attack the network, without the need for a centralized arbiter that can be compromised. (This is why Eth is worthless, because of Vitalik bending over to fork the chain whenever a whale gets robbed)
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But why should I care whether the chain is forked or not?
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(That is, why should I think these have value in the first place?)
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It's just a trading token, a dollar doesn't have value either. Hell, gold only has value because it's durable and rare and people like it, it's not like gold has any particularly useful properties when viewed in the context of its rareness. All money is shared delusion.
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Gold is both useful and pretty. The dollar is required by law and backed with force.
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That's why gold is not ideal as a currency. Its rarity and useful electrochemical features shouldn't be tied up artificially as a proxy for valuing other things.
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Who said anything about "allow"? And there are limits to how much more can be mined, limits built into the system. Some economists wring their hands at a deflationary currency. Incidentally they're the same ones most in favor of the status quo. Funny, that.
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So why accept it for taxes if you're not controlling the printing and there's no inherent value?
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The point is not to convince anyone in any state to accept crypto. It is to leave them no other choice.
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I'm not seeing it
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