Comment: This is wrong

(See in situ)


This is wrong

Everybody needs to stop comparing bitcoin to dollars.

Correct. Bitcoin is not backed by anything. Neither is gold. The question is whether it has any value at all. Well, that's what the market is for. Is it's utility and functionality as money enough to give it some value? More value than gold? We dont know yet. But to say "Bitcoin isn't backed by anything" is missing the point entirely.

Gold was the first money, but that doesn't mean that we can't invent something to replace it.

Money was born from a commodity, but that doesn't mean that now that we know what money is, we can't invent one that wasn't born from a commodity.

That's like saying "wheels have been made out of wood for thousands of years. I just dont trust rubber. Its not backed by wood."

The problem is that you think bitcoin is meant to replace the dollar. Its not. Its meant to replace gold.

Séamusín