BTC is backed by the laws of mathematics and the power of cryptography.
USD is backed by the 'full faith' of the US govt.
I sure as hell know which of these two I trust more.
only the supply side is backed by mathematics and cryptography, demand side is backed by market demand only, by all of us believing it is useful as a currency, without demand BTC is worthless no matter how rock solid it's supply is
That's not the kind of backing we're talking about here. Is the
demand side of the USD backed by the US govt? No, if there is no demand, there's no button the US govt can press to magically create or enforce it. Sure they can attempt marketing, political P.R. and propaganda but in the end, nothing is guaranteed. So much for "backing".
Yes exactly...and a good example of this is that during the 1930s, people didn't value their USD enough, so FDR made it illegal for anyone to hold gold and all US citizens were ordered to turn in their gold to the federal gov't or face possible prosecution. This was done to prop up the dollar because the "demand" wasn't enough.