Quote:
Originally Posted by thommy
bitcoin and every other crypto currency have only one value and this is the believe of the users that you can change it in REAL MONEY. and if real money looses value bitcoin will automaticly loose too.
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now please explain how "real" money is created, how it is backed, and who basically controls it...and why its better than bitcoin
Im pretty sure that all central banks have your golden rule of not giving more money than products on mind, when they started to pump bilions of euros, dollars, yens, pounds and so on out of thin air, just to pump (only) the stock markets..(and other commodities too - like BTC for example)
also, not sure how you define "products" ? XIX century fabrics and steel ? Do you realize that huge portion of USA economy is "virtual" as its created by financial services and banks ?
and now take bitcoin (and most of other cryptos too) - pure MATH rules, no bullshit crooks, and LIMITED supply of 21 mln (BTC), that wont change. other crypto currencies - some of them have also limited supply (also defined by math = unbreakable and unchangable),and other some of them have even set limited (and desired) stable inflation rate...
BTC has the same "value" as "real" money, gold, diamonds and shit. You cant eat it, you cant live in it, you can't drive it, you can't drink it...
yet, when people will give value to lets say, gold, diamonds, paper notes of money and BTC - it suddenly has its "value". and this is what its all about.
talking about "producing" money because it shows how many products are created - dude, its not XIX century anymore. even not XX century. monetary system is going down, thats the last decades of it...you cant produce more and more credit endlessy and this is what is about in current economy...good luck if you call that "real" money.