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Originally Posted by Brucely
Its a digital asset. What happened to internet stocks that had nothing but an idea when the internet bubble burst?
All crypto is just an idea that isnt worth anything.
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Is the piece of paper on which your $100 bill is printed worth anything? Think of Weimar. Or the ECB, printing money at the rate of 60 billion euros per month. You can see where that's leading.
All fiat (i.e. fake/promissory notes) currencies run this risk. It's anything that a government declares to be legal tender, but isn't backed by physical stuff, e.g. gold.
Like much of spirituality, it's a faith-based idea.
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If the banks are against it, couldnt they fund a war that ended with an EMP attack to completly crash all crypto?
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They'd certainly blow their own systems if they did that. Banks and money are electronic signals these days just like cryptos except the banks control the ledgers, flow and money creation and can be audited (even by governments); whereas cryptos are decentralised - each crypto holder is their own "bank". There is a ledger called the "blockchain" but entries are anonymous. Mine are contained on a little hardware gadget only connected to a computer to do a trade. Otherwise it is in a drawer, switched off, unpowered.
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