Quote from: MatDerKater on April 11, 2017, 08:31:08 PM

Quote from: Ibian on April 11, 2017, 05:25:22 PM

Quote from: MatDerKater on April 11, 2017, 12:26:06 PM

Quote from: Ibian on April 07, 2017, 09:58:44 AM

You are saying that bitcoin is tied to the dollar. No wonder you couldn't hack it.

I am saying Bitcoin's value depends on it's convertibility into the USD.

Which is still wrong. The only thing that matters is that you can trade it for stuff. Fiat currencies is an optional middle step for those who want it, but in no way required.

For something to be money, in addition to being easily divisable into different amounts, if it hasn't been inherently valuable in and off itself, then it requires some authority enforcing it's use as money, generally by demanding taxes or tribute be paid in that specific money. Take the authority away, and all fiat currencies are worthless, obviously.

Bitcoin has neither an authority behind it with the powers to demand taxes or deploy military force, nor has it any inherent value in and off itself.

Bitcoin is a wealth transfer commodity, which may be exchanged as USD proxy, but only as long as easy convertibility exists.

There is no dispute over how bitcoin works. For years now. Your insistence on ancient concepts of what makes something a proper form of payment just makes you look stupid.