Quote from: Medusah on May 22, 2024, 09:55:28 AM

Continuing this discussion seems futile. You're incorrect in dismissing the faith individuals and institutions have in the currency, as well as in the stability guaranteed by the government and the central bank. Your belief that $1 always corresponds to an underlying asset is fundamentally flawed. I cannot stress this point enough. If you fail to grasp this concept, you're unlikely to appreciate the beauty of Bitcoin.

Dollars have nothing to do with faith, but with needs. People need dollars to get rid of debt that they owe to the US banking system. Just like they need food to get rid of hunger. Or like they need pictures to satisfy their aesthetic senses. Faith has nothing to do with assets. An asset is something that people need. The idea that dollars are based on faith is just a popular myth.