I created a 6 minute youtube video to explain why I don't like bitcoin, but let me sum it up. I see the us dollar as a debt backed currency. Banks create money through loans, which are in turn backed by houses, cars, and people's incomes. Everybody seems to think the us dollar is a faith based, or something, but I don't see it that way. I see it as a fully backed currency, not too much different from being a gold backed currency. Where am I wrong?
https://www.youtube.com/watch?v=jujwQkhnoU8You are completely wrong, a gold backed currency is backed by gold held by the state, the gold belongs to them and to no one else, the houses, cars and business are not backing the currency because the governments does not own them, the dollar is a fiat currency which means that is not backed by anything except the faith the US will pay its debts.