Post
Topic
Board Bitcoin Discussion
Re: Why is Bitcoin the Dumbest Thing Ever Invented
by
Medusah
on 25/05/2024, 10:32:28 UTC
The same is with dollars. I don't have a bank loan nor have I issued a bond to get dollars from the FED so I don't need dollars to return them to the US banking system. But masses of individuals and companies, the same as the US government, do need them.

Sure, it's like this: Bitcoin shares similarities with traditional currencies.  While you might not personally own Bitcoin, there's a large network of individuals and businesses who do, and they've collectively established a standard for using it as a form of currency.  Bitcoin possesses qualities that make it attractive for people to use it as a currency.  What's your problem in this? 

Literally every issued dollar is someone's debt.

If the central bank suddenly becomes corrupt and creates $1 trillion out of thin air, what debt backs up these newly printed dollars?

Regarding the second. What happens if the corrupt government destroyes people's houses in a war? Does that mean houses in general don't have real value? So, your logic is pretty flawed.

Houses in a country at war aren't worth as much as those in peaceful countries.  This supports my idea that value is subjective and can change anytime.  Nothing in life has a set value that everyone agrees on.  But you act like the US dollar will always represent the exact same value.