Quote:
Originally Posted by PaceAdvantage
A lot of people think the same of the US dollar...what's it backed by? Faith in the US government to pay up? That's reassuring...
Someone is willing to pay over $15,000 for one bitcoin. Wish I had some...
Same thing.
If/when people LOSE faith in the US Dollar, you'll need a wheelbarrow full of dollars to buy a loaf of bread.
If/when people LOSE faith in bitcoin, it will be worthless...
Yeah, the chances of lost faith a much more likely with bitcoin vs. US Dollar, but you get my point. Neither is backed by anything except FAITH.
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There's actual insurance. In addition, the faith is a long history that when I go anywhere in this country, someone will take US currency for what they're selling. There's also the gold in Fort Knox.
The dollar may trade for less and less in desperate times, but it'll always be tradable.
I don't participate in cons even if it could enrich me, whether it's bitcoins, carbon credits, or Amway. It insults me.
