"The bitcoin is backed by math argument" is kinda silly if you ask me. It´s backed by people who belive in it, but it have no other use than a medium of exchange, therefor it will fail.. In the long run, or short run. It could even be tommorow who knows. The problem is that the source code of bitcoin can be copied to infinity and create infinite new eCoins, you cant do that with physical things like gold.
You can also do something else with physical things like gold rather than use it as a medium of exchange, you cant do that with bitcoin.
You can also do something else with physical things like gold rather than use it as a medium of exchange, you cant do that with bitcoin.
Why is the "Backed by math argument silly"? It is true. You can't have a currency back by people cause then you might as well as back it by hope. Math is a way to prove that the coins aren't double spent, are fairly handed out and keep bitcoins rare. So instead of just hoping it works, you can prove it works. So it the best argument is that it is back by math.
You cant just look at the properties of Gold and then Copy it into existance without putting extreme amount of energy into it, do you see the problem?
Gold = Physical matter that have some real-world properties, Cryptocurrency value= Abstract and Subjective, can be copied to infinity.
But I´m still a cryptocurrency supporter but I dont think it will stand for much long. I wouldnt bet my life on it, thats it.
