We stopped using the gold standard because fiat currency is better Being backed by the laws of the government of the country you live in is, in fact, the strongest thing any currency can be "backed by"
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Replying to @arthur_affect @Tom_Scribbler and
*that is if you think the laws of the government are greater than the laws of nature
4 replies 0 retweets 1 like -
Replying to @BitcoinBiology @Tom_Scribbler and
"Value" does not exist as a concept in nature, it is a concept that can only be defined and created by human beings
4 replies 7 retweets 60 likes -
Replying to @arthur_affect @Tom_Scribbler and
well so then you can make value out of thin air after all
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Replying to @BitcoinBiology @arthur_affect and
Money definitely derives its value from trust rather than anything tangible. Seriously, say I start punching the dirt until I dig half a mile, and then give myself a "dirtbuck" for the effort. You gonna accept my fancy dirtbuck for a dollar?
4 replies 2 retweets 19 likes -
Replying to @eggynack @arthur_affect and
this is, fundamentally, not how bitcoin works https://bitcoin.org/bitcoin.pdf
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Replying to @BitcoinBiology @arthur_affect and
I know how you get a bitcoin. The question is how you get that bitcoin to have value, and the answer is you get a lot of people to agree it has value. That's literally all there is. Succeed, and you have a money. Fail, and you have nothing.
2 replies 2 retweets 14 likes -
Replying to @eggynack @BitcoinBiology and
That's literally why Bitcoin's value fluctuates so incredibly. People trust that Bitcoin will hold (or increase) its value, so they invest or divest accordingly.pic.twitter.com/ZUsJpwpwFk
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Replying to @TheShyWoof @eggynack and
Thats not the reason, its actually programmed to do exactly this. Ask yourself why.
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Replying to @BitcoinBiology @TheShyWoof and
Okay, I'll do it now: "Why?" Hmm, my brain thought it over, and answered, "Because it's an obvious Ponzi scheme designed to appeal to the kind of person who's attracted to Ponzi schemes"
3 replies 2 retweets 29 likes
(This isn't even actually my brain saying it, it's literally in Satoshi's manifesto, he brags about how enforced scarcity facilitates early adoption by serving as a get rich quick scheme for miners on the ground floor)
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