Quote:
Originally Posted by DWB
Your "friend" is a dolt.
1) The USD used to be backed by both gold and silver. At one time it WAS backed by something tangible. Unlike bitcoin which has never been backed by anything and was in fact created by a hacker.
2) The USD is the petrol dollar, which alone makes it worth something until oil is bought and sold via another currency. When governments can buy and sell oil in bitcoin, then it can be a contender.
3) The USD is currently backed by the promise of the Federal Reserve, which is arguably the most powerful group of individuals on planet earth.
4) The USD is backed by the confidence of every human, business, local bank, central bank, and government in the entire world.
There is an enormous difference between the fiat USD and a fiat cyber currency.
|
It's hard to put faith/confidence in a currency that can be printed off at an unlimited rate to create more "money" for the economy. Also there have been a lot of talks of moving away from the USD as the "petrol dollar" or world currency reserve. It happened to the British sterling and look where that ended up.