Things don't need to be physical, to exist. Open your mind! I know it hurts to be a gold bug and miss out on a once in a life opportunity and revolution. It's sad to see the dinosaur's go extinct because they couldn't evolve.
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If there’s no physical form, it’s not tangible. I know you’re excited about crypto but that doesn’t mean it’s backed by something tangible. You could replace the gold standard with the brass standard or the brick standard and it would have the same fundamentals in that it’s backed by something tangible.
Crypto is backed by nothing. Fiat is backed by promises. You can’t make a legitimate argument if you think crypto has inherent value.
Ok let's go on the brick standard because the internet, cyberspace and cryptocurrency don't exist and are not real. Lol 😂
What tangible item is cryptocurrency backed by?
What's gold backed by? Does the internet exist? Is this all a dream? You should give your head a shake and wake up before your left behind
Gold is tangible so it doesn't need to be backed by anything. It's a physical item. Cryptocurrency has nothing tangible backing it.
Obviously no body cares about tangible. Is the internet tangible? Can you touch it? No....but it changed the world!! We don't need a physical tangible useless rock. We need a decentralized digital currency (the internet of money) to go with out new world. People's belief is what Backs it. The world 🌎 is adoptding a new monetary system, its unfolding right in front of your eyes, wake up!! 600 billion dollars doesn't pour in to something that isn't real. Forget your ancient belief of tangible gold backing fiat, that systems history.
It absolutely matters whether something is tangible or not. Like I said before, it's fine to be excited about crypto, but you can't ignore basic economic and financial principles.
There is nothing tangible backing crypto which means that one unit of currency has no inherent value. Crypto has perceived value due to lack of regulation and global use, but that doesn't changes the fact that if nobody wants your unit of crypto it has zero value. Regardless of the likelihood of that occurring, it's possible.
With fiat currency the reliance isn't on people but the government. If a government is collapsing or broken to the point that trust erodes, the promises of the government become worthless since they can't be fulfilled.
Only the gold-standard maintains its value in the worst case scenario because you can still exchange currency for gold. This isn't about the future, what currency you like, or what anyone thinks. Economic and financial principles are fundamental and need to be considered first in order to properly understand currency.