Quote:
Originally Posted by reckless
Maybe so but the US dollar is still backed by an economy whose GDP is roughly $20 trillion.
A stable democratic-republic form of government, too, which its always and incorrectly hardly ever mentioned in the Bitcoin discussion.
Foreign investments into the USA is roughly $2.5 trillion and US investment world-wide is about $3.5 trillion dollars the other. There's loads of intrinsic value in both the US 'dollar', the US government and the world economy.
Yes, our very own US government debauches the currency with deficit spending and a never-ending printing press but the 'dollar' is far from a near-worthless fiat currency. And those Winklevoss twins usually say Bitcoin is the great new next big thing because the US dollar is 'fiat' currency. A joke and a hustle, imo.
What is backing the Winklevoss twins, Bitcoin, and other similar crypto currency firms exactly?
Is Block Chain technology proprietary? If not, what value is there in the technology besides Wall Street hype?
As to simply imply that Bitcoin, et al, is a needed world-wide payment system .... really? Who should we trust more to handle payment transfers, etc., ... the Winklevoss twins? ... the Google Guys? ... any Soros-backed techfin firm? ... or Visa, American Express, Master Card and the major banking systems of the world which already have the technology, infrastructure, finances, history and acceptance firmly in place?
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Look, once again, someone is taking simple statements and extrapolating them into me saying something like the US dollar is near-worthless. Never said that...never said fiat currency is near-worthless.
All I am saying is, before people damn bitcoin with all these knee-jerk criticisms, take a step back and think about what's really backing the money in your wallet...
