'...Here's the problem: Fiat currency has intrinsic value. Bitcoin doesn't. There's a popular meme going around that fiat currencies (like the dollar, the British pound, the euro, and the yen) have no intrinsic value, and that they're only accepted because they're accepted, and that at some point, people will see through the "illusion" of the value of paper money, and realize that wealth lies somewhere else. Usually this argument is made by gold bugs. But fiat currencies have tremendous intrinsic value because governments say they do. That's why they're called fiat currencies. They have value by government fiat. This truth might be annoying, but the fact of the matter is that we live in a world of laws, where governments have armies, and can imprison you if you don't pay taxes. And every transaction that you do is taxed in some way, meaning that to operate in any practical matter in this world means transacting in U.S. dollars. So the U.S. dollar isn't just important because other people think it is. The U.S. dollar is important, because the world's strongest entity, with the full force of the U.S. army, the FBI, the CIA, the NSA, and various local authorities with guns demands that you pay them in U.S. dollars. That's not faith. That's the law. Sorry...'. -----------
Mein Gott, es ist voller Sterne... |
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