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RE: What is Cryptocurrency, but a Return to Human Dignity in Economics? (Thoughts on crypto, humanity, and the inevitable upcoming clash between coin and state)
Very true. Nothing is ever free, and anything of value is always backed by something else of value.
Well not everything....
Ha ha maybe not on the surface. But it is backed by the full faith and credit of its armed forces might, and other forcible means the interest can employ to make things happen on their behalf. Also the full faith and credit of the American people's current and future economic pursuits, real estate held by the government (or protectorates). Ha, but yes I think you are at least half right.
Right now the dollar is still backed by oil, but not for long.
Oil? Whose oil?!!
In reply to the question about who's oil. Any country that is still selling Oil for dollars, those sales are supporting and backing up the dollar. I know you don't believe that Oil is no longer sold for dollars, do you?
OK, you're talking about petrodollars. I thought you were referring to actual oil production which, as I understand is actually much more available in Canada than it is in the States... As for the petrodollar, though, be interesting to see whether the Chinese and Russians manage to change that. Looks like they're making a pretty good attempt to...
Yea, That's the reason I said not for long.
True!