Bitcoin - A Flawed Faith Based/Emotion Backed CurrencySubmitted by Smaulgld.com on Wed, 11/27/2013 - 19:15
Bitcoin is backed by nothing other than the hope that it might be worth more tomorrow.
Early Adopter Smugness
Bitcoin is like religion. You have to believe in it. You have to believe it has value and you must find a community of believers that also think it has value.
Bitcoin has an army of believers and evangelizers who have a vested interest in convincing others that there really is something behind the digital curtain.
Faith in Bitcoin is an ideology no different than faith in government; except governments have the force of law to defend their ideologies and currencies. While the dollar is not backed by anything other than the “full faith and credit” of the issuer, legal tender laws ensure its use.