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RE: The ECB says Bitcoin is not a currency, and that's ok!

in #bitcoin7 years ago

Currency can be anything as long as people accept it. Dollar is not backed by anything, since Richard Nixon removed the gold standard. It exist only, because people have "trust" in it. But for how long?

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For how long? I guess we will find out in the next 2 years to come.

Basically as long as the US government and military is the big kid on the block.

Which itself might not be that much longer, China will be the next major world power, if you do not already consider them as such. The US might be able to "quantitatively ease" their way out of a massive economic depression for a while longer, MIGHT, but that is a temporary fix. The writing is on the wall, and I cannot imagine a way that the government or the US citizens mobilize in a meaningful enough way to save a total economic collapse in our lifetime. And worse yet, as the US economy goes, so goes the global market, the debts are too intertwined.

I really think we are in for something worse than we can imagine, and yet it appears to be maintain the status quo from most officials and politicians. Talk about burying your head in the sand.

Thanks for the post.

@bloomberg215 That is a point people do not know. If people read books like "currency wars" and other books by same author they will see it for themselves. US dollars is nothing but a paper trusted by the people as a veritable means of exchange. Trust has always been the backbone of the massive adoption of any currency, crypto or fiat.

Eyes will clear in few years time. Its just a matter of time.

great posts @jrcornel

Actually has a value because you pay your taxes and common utilities with it. And that is precisely why BTC has zero value in the current world setup. The blockchain, on the other hand, it is a priceless tech. Even damn wood has more intrinsic value than BTC.

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