It's backed by the government with the largest and most powerful military in the world. BTC is primarily mined in China, meaning they could seize control of pretty much anytime they like and daily trading is dominated by Tether who is currently under investigation by the NYAG.
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Tax liability can only be extinguished in dollars, so ultimately based on the power of the government to throw you in prison for not having enough dollars to pay them. From there, network effects take over.
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I can agree with you on this. There are other more pressing threats. Tether is obviously the biggest one imo. My overarching point is that the big governments of the world have the power to destroy BTC anytime they like. I believe that to be true, but not likely.
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Bitcoin is simply the larest pyramid scheme to come along.
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I can hold a dollar in my hand. Faith. Tangible. Crypto is intriguing and I own some, but it is, at this point in time, still a Matrix thing.
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From the paper itself. Trade carefully.
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