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=jujwQkhnoU8This is way lot confusing post. I tried to read it thrive in real with my eyes wide open. I believe you don't like bitcoin at all because you think that there is no competition of your USD with the bitcoin in terms of how they are backed up with different assets. Agree on that but it's not completely true. The way it seem easier to manage all those backed assets, but it's not the case in reality. The banks work on the principles of liquid money and it flows multi direction all the team. While on the other hand bitcoin is unidirectional and it just work on the principles of peer to peer transfers. The backing doesn't really matter here because what bitcoin has got is the money that we are pushing into it.
That's my understanding about it. There might be no comparison between to as they have different principle of working.
The OP did not like bitcoin. He stress out how bitcoin differs from fiat currency. Well, in my opinion, how could a fiat get its value just through its backed up assets? Bitcoin becomes valuable because of its usage. It helps the economy also to have a fast and vast transaction. Making a unitary money policy is good at some ways also. So, why do we need to hate this new innovative currency, if it can be a substitute and will be used for a long term purpose?