Absolutely nothing backs Fiat paper its completely worthless

[Amph]

You clearly don't understand what "backed" means, let me educate you:
[Backed currency is a form of money] whose value has a direct correspondence with the value of a commodity (such as gold), whether or not it is redeemable in that commodity on demand.

that was the old definition, you still live under a rock, no money is backed  by gold anymore, money can be easily backed by other factor, such as the usage, the more it is used the more value it acquire

everything that make the asset more valuable can be consider a form of backup

[1714919743]

1714919743

[1714919743]

1714919743

[bargainbin]

Does the US government even have enough gold reserve to back the value of the currency?

No. That's why fiat money is called fiat money. That's what fiat means.
So now you know.

[franky1]

Does the US government even have enough gold reserve to back the value of the currency?

No. That's why fiat money is called fiat money. That's what fiat means.
So now you know.

a century ago bank notes were known as the "gold-back" (name explains it all) then when the ties to gold dissolved, the nickname became "green-back" prely based on the color of the paper because it was only backed by the paper..

these days its called fiat.. which the most laymans explanation is FederallyIinsuredAndTaxed because bank notes are ony backed by the laws of the land using it..

in short.. if governments changed the laws to not be "$10min wage/hour in california" and "pay court fees in dollars" or "pay tax in dollars" and instead allowed Euro, Yuan, pound to be freely handed around... the dollar would die because its no longer important or essential to handle or use

[bargainbin]

You clearly don't understand what "backed" means, let me educate you:
[Backed currency is a form of money] whose value has a direct correspondence with the value of a commodity (such as gold), whether or not it is redeemable in that commodity on demand.

that was the old definition, you still live under a rock, no money is backed  by gold anymore, money can be easily backed by other factor, such as the usage, the more it is used the more value it acquire

everything that make the asset more valuable can be consider a form of backup

That's the current definition of "backed currency". I didn't travel back in time to give you that link.
And if you feel that everything contributes to an asset's backing, how is fiat toilet paper unbacked? It is "backed by the full faith and credit of the U.S. a government (or, as you would put it, Jackbooted Gubermint Thugs)."
Bitcoin? Miners fork off to a better alt, and *POOF!* No moar backing

[unamis76]

Fiat is backed by all of us because we're the ones giving it value. Pretty much no one can go full Bitcoin as of yet. As long fiat is used, it will be backed by many.

Changing this requires changing people's mentality and education, and that takes a very long time...

[bargainbin]

Does the US government even have enough gold reserve to back the value of the currency?

No. That's why fiat money is called fiat money. That's what fiat means.
So now you know.

a century ago bank notes were known as the "gold-back" (name explains it all) then when the ties to gold dissolved, the nickname became "green-back" prely based on the color of the paper because it was only backed by the paper..

these days its called fiat.. which the most laymans explanation is FederallyIinsuredAndTaxed because bank notes are ony backed by the laws of the land using it...

Remedial finance: The term [fiat] derives from the Latin fiat ("let it be done", "it shall be")[2] used in the sense of an order or decree.[1] It differs from commodity money and representative money.

[mirana12345]

@mirana12345
>Bitcoin can transact value from one point to another better than any fiat ever created.
No. Bitcoin can not "transact value from one point to another."  It can send digital strings, which are anything but value.

Bitcoin does transact value, it can also be used to store value,  as well as many other things.
Saying anything but is nothing other than ignorance, or intentional lying. So what is it in your case ?

A binary string can also be used to store and transmit value.
Banks do it all the time, that's how fiat money moves around. Surprised?

I can also send my PIN code to my GF as an ASCII string, and she can take money out of a cash machine.
This doesn't mean that ASCII strings send value -- merely send information. Parties on both ends need to agree on what that info means.

Do you understand better now?

I better call all the stores and service owners where i purchased with bitcoin then , and tell them that i have transacted them no value at all.
My god man, you are really ignorant. You are staring facts in face, but still yappin' around like a cave man.

[bargainbin]

@mirana12345
>Bitcoin can transact value from one point to another better than any fiat ever created.
No. Bitcoin can not "transact value from one point to another."  It can send digital strings, which are anything but value.

Bitcoin does transact value, it can also be used to store value,  as well as many other things.
Saying anything but is nothing other than ignorance, or intentional lying. So what is it in your case ?

A binary string can also be used to store and transmit value.
Banks do it all the time, that's how fiat money moves around. Surprised?

I can also send my PIN code to my GF as an ASCII string, and she can take money out of a cash machine.
This doesn't mean that ASCII strings send value -- merely send information. Parties on both ends need to agree on what that info means.

Do you understand better now?

I better call all the stores and service owners where i purchased with bitcoin then , and tell them that i have transacted them no value at all.
My god man, you are really ignorant. You are staring facts in face, but still yappin' around like a cave man.

So I guess texting my PIN to my GF also transfers value, only faster & easier
Start reading and stop being retarded, my good man.

[MingLee]

You clearly don't understand what "backed" means, let me educate you:
[Backed currency is a form of money] whose value has a direct correspondence with the value of a commodity (such as gold), whether or not it is redeemable in that commodity on demand.

that was the old definition, you still live under a rock, no money is backed  by gold anymore, money can be easily backed by other factor, such as the usage, the more it is used the more value it acquire

everything that make the asset more valuable can be consider a form of backup

That's the current definition of "backed currency". I didn't travel back in time to give you that link.
And if you feel that everything contributes to an asset's backing, how is fiat toilet paper unbacked? It is "backed by the full faith and credit of the U.S. a government (or, as you would put it, Jackbooted Gubermint Thugs)."
Bitcoin? Miners fork off to a better alt, and *POOF!* No moar backing

The good news is that it is highly unlikely for miners to go to a different alt because most of them are shit anyways. Bitcoin and Litecoin are primarily the only cryptos with value, and so a new coin would have to be able to sway people over and show it has value.

[BruceLee007]

yeah but bitcoin is not backed by anything too is it? and if the money would be backed by gold it still doesnt mean anything as gold is not backed by anything and its price is regulated only by the demand between people, everything can be worthless if all people will say that it is worthless

[bargainbin]

You clearly don't understand what "backed" means, let me educate you:
[Backed currency is a form of money] whose value has a direct correspondence with the value of a commodity (such as gold), whether or not it is redeemable in that commodity on demand.

that was the old definition, you still live under a rock, no money is backed  by gold anymore, money can be easily backed by other factor, such as the usage, the more it is used the more value it acquire

everything that make the asset more valuable can be consider a form of backup

That's the current definition of "backed currency". I didn't travel back in time to give you that link.
And if you feel that everything contributes to an asset's backing, how is fiat toilet paper unbacked? It is "backed by the full faith and credit of the U.S. a government (or, as you would put it, Jackbooted Gubermint Thugs)."
Bitcoin? Miners fork off to a better alt, and *POOF!* No moar backing

The good news is that it is highly unlikely for miners to go to a different alt because most of them are shit anyways. Bitcoin and Litecoin are primarily the only cryptos with value, and so a new coin would have to be able to sway people over and show it has value.

With teh hard, lubeless forkening looming, we'll effectively split Bitcoin in two (many small-blockers claim they'll remain on the shorter chain because edgy ideology and Marlon Brando in The Wild One. Also threaten to undermine Classic).
So warring factions, spamming nodes, double-spends, lynch-mobs, death squads, babies being born without brains...

People will flee Bitcoin to *any* alt, like they flee a war-torn city

[Amph]

You clearly don't understand what "backed" means, let me educate you:
[Backed currency is a form of money] whose value has a direct correspondence with the value of a commodity (such as gold), whether or not it is redeemable in that commodity on demand.

that was the old definition, you still live under a rock, no money is backed  by gold anymore, money can be easily backed by other factor, such as the usage, the more it is used the more value it acquire

everything that make the asset more valuable can be consider a form of backup

That's the current definition of "backed currency". I didn't travel back in time to give you that link.
And if you feel that everything contributes to an asset's backing, how is fiat toilet paper unbacked? It is "backed by the full faith and credit of the U.S. a government (or, as you would put it, Jackbooted Gubermint Thugs)."
Bitcoin? Miners fork off to a better alt, and *POOF!* No moar backing

how can miners fork off to a better alt? this does not make any sense, because it mean that other miners are still mining bitcoin

i think you're not understanding how consensus work, there is no "two bitcoin" possible, always one, any other is just an alt

The good news is that it is highly unlikely for miners to go to a different alt because most of them are shit anyways. Bitcoin and Litecoin are primarily the only cryptos with value, and so a new coin would have to be able to sway people over and show it has value.

also miners of bitcoin are mining with asic that mine sha256, it's beyond me how he can think that they can switch to any other ago, when it is known that asic are specialized...

utterly no-sense

[bargainbin]

You clearly don't understand what "backed" means, let me educate you:
[Backed currency is a form of money] whose value has a direct correspondence with the value of a commodity (such as gold), whether or not it is redeemable in that commodity on demand.

that was the old definition, you still live under a rock, no money is backed  by gold anymore, money can be easily backed by other factor, such as the usage, the more it is used the more value it acquire

everything that make the asset more valuable can be consider a form of backup

That's the current definition of "backed currency". I didn't travel back in time to give you that link.
And if you feel that everything contributes to an asset's backing, how is fiat toilet paper unbacked? It is "backed by the full faith and credit of the U.S. a government (or, as you would put it, Jackbooted Gubermint Thugs)."
Bitcoin? Miners fork off to a better alt, and *POOF!* No moar backing

how can miners fork off to a better alt? this does not make any sense, because it mean that other miners are still mining bitcoin

i think you're not understanding how consensus work, there is no two bitcoin possible, always one, any other is just an alt

The good news is that it is highly unlikely for miners to go to a different alt because most of them are shit anyways. Bitcoin and Litecoin are primarily the only cryptos with value, and so a new coin would have to be able to sway people over and show it has value.

also miners of bitcoin are mining with asic that mine sha256, it's beyond me how he can think that they can switch to any other ago, when it is known that asic are specialized...

utterly no-sense

Do you understand Bitcoin at all? Do you understand what a hard fork (the one likely coming up) is? Do you understand that there will be *2* competing chains?
As in incited of one Bitcoin, there will be *2* Bitcoins -- core, with ~25% of the hashpower (if that), and Classic.
2 Bitcoins, *both* running SHA256 miners, now *competing*.



P.S. You do know that SHA256 != Bitcoin, right? The miners & their gear are beholden to SHA256, not Bitcoin.

[BellaBitBit]

Fiat is backed by all of us because we're the ones giving it value. Pretty much no one can go full Bitcoin as of yet. As long fiat is used, it will be backed by many.

Changing this requires changing people's mentality and education, and that takes a very long time...

this!  We keep the Fiat dream alive by believing it is worth something.  If most people understood the concept that it is not "backed" by anything they would no longer believe in the dream.

[Amph]

You clearly don't understand what "backed" means, let me educate you:
[Backed currency is a form of money] whose value has a direct correspondence with the value of a commodity (such as gold), whether or not it is redeemable in that commodity on demand.

that was the old definition, you still live under a rock, no money is backed  by gold anymore, money can be easily backed by other factor, such as the usage, the more it is used the more value it acquire

everything that make the asset more valuable can be consider a form of backup

That's the current definition of "backed currency". I didn't travel back in time to give you that link.
And if you feel that everything contributes to an asset's backing, how is fiat toilet paper unbacked? It is "backed by the full faith and credit of the U.S. a government (or, as you would put it, Jackbooted Gubermint Thugs)."
Bitcoin? Miners fork off to a better alt, and *POOF!* No moar backing

how can miners fork off to a better alt? this does not make any sense, because it mean that other miners are still mining bitcoin

i think you're not understanding how consensus work, there is no two bitcoin possible, always one, any other is just an alt

The good news is that it is highly unlikely for miners to go to a different alt because most of them are shit anyways. Bitcoin and Litecoin are primarily the only cryptos with value, and so a new coin would have to be able to sway people over and show it has value.

also miners of bitcoin are mining with asic that mine sha256, it's beyond me how he can think that they can switch to any other ago, when it is known that asic are specialized...

utterly no-sense

Do you understand Bitcoin at all? Do you understand what a hard fork (the one likely coming up) is? Do you understand that there will be *2* competing chains?
As in incited of one Bitcoin, there will be *2* Bitcoins -- core, with ~25% of the hashpower (if that), and Classic.
2 Bitcoins, *both* running SHA256 miners, now *competing*.



P.S. You do know that SHA256 != Bitcoin, right? The miners & their gear are beholden to SHA256, not Bitcoin.

no that is your issue, there will be no two competing chains ever, the consensus mechanincs work in the way that only one there can be at any given time

there will be not two parallel chain running together on which on both you can hold bitcoin, one of the two is not bitcoin it's an alt, like you have many of them in the altsection

and wrong again for the sha256 and bitcoin, because bitcoin without merchants is useless, miners are beholden to bitcoin not to the algo

[Karpeles]

In theory the economy of the country backs the Fiat paper, but when US has a debt of trillions and growing, what's it worth?

Yes, you are right

[bargainbin]

You clearly don't understand what "backed" means, let me educate you:
[Backed currency is a form of money] whose value has a direct correspondence with the value of a commodity (such as gold), whether or not it is redeemable in that commodity on demand.

that was the old definition, you still live under a rock, no money is backed  by gold anymore, money can be easily backed by other factor, such as the usage, the more it is used the more value it acquire

everything that make the asset more valuable can be consider a form of backup

That's the current definition of "backed currency". I didn't travel back in time to give you that link.
And if you feel that everything contributes to an asset's backing, how is fiat toilet paper unbacked? It is "backed by the full faith and credit of the U.S. a government (or, as you would put it, Jackbooted Gubermint Thugs)."
Bitcoin? Miners fork off to a better alt, and *POOF!* No moar backing

how can miners fork off to a better alt? this does not make any sense, because it mean that other miners are still mining bitcoin

i think you're not understanding how consensus work, there is no two bitcoin possible, always one, any other is just an alt

The good news is that it is highly unlikely for miners to go to a different alt because most of them are shit anyways. Bitcoin and Litecoin are primarily the only cryptos with value, and so a new coin would have to be able to sway people over and show it has value.

also miners of bitcoin are mining with asic that mine sha256, it's beyond me how he can think that they can switch to any other ago, when it is known that asic are specialized...

utterly no-sense

Do you understand Bitcoin at all? Do you understand what a hard fork (the one likely coming up) is? Do you understand that there will be *2* competing chains?
As in incited of one Bitcoin,
2 Bitcoins, *both* running SHA256 miners, now *competing*.



P.S. You do know that SHA256 != Bitcoin, right? The miners & their gear are beholden to SHA256, not Bitcoin.

no that is your issue, there will be no two competing chains ever, the consensus mechanincs work in the way that only one there can be at any given time

there will be not two parallel chain running together on which on both you can hold bitcoin, one of the two is not bitcoin it's an alt, like you have many of them in the altsection

and wrong again for the sha256 and bitcoin, because bitcoin without merchants is useless, miners are beholden to bitcoin not to the algo

Not only do you not understand Bitcoin, but you seem generally confused.
>there will be no two competing chains ever.
Wrong.
>only one there can be at any given time
Wrong.
>one of the two is not bitcoin it's an alt
"there will be *2* Bitcoins -- core, with ~25% of the hashpower (if that), and Classic."
Yes, you can call one of them an alt. Which one is entirely up to you.
>and wrong again for the sha256 and bitcoin, because bitcoin without merchants is useless, miners are beholden to bitcoin not to the algo
Wrong. The core alt will be without merchants exchanges, the only merchants that matter. Unless the merchants exchangesare insane, and go with the core forklet (which could, and will, be attacked and re-forked with the massive hashpower of Classic)

So now you know

[Amph]

Not only do you not understand Bitcoin, but you seem generally confused.
>there will be no two competing chains ever.
Wrong.
>only one there can be at any given time
Wrong.
>one of the two is not bitcoin it's an alt
"there will be *2* Bitcoins -- core, with ~25% of the hashpower (if that), and Classic."
Yes, you can call one of them an alt. Which one is entirely up to you.
>and wrong again for the sha256 and bitcoin, because bitcoin without merchants is useless, miners are beholden to bitcoin not to the algo
Wrong. The core alt will be without merchants exchanges, the only merchants that matter. Unless the merchants exchangesare insane, and go with the core forklet (which could, and will, be attacked and re-forked with the massive hashpower of Classic)

So now you know

you clearly do not know how consensus work, the majority of the vote through the node will determine what the new chain will be the real bitcoin and what will be only an alt, no coins will be lost

there were multiple hard fork, hard forking it's nothing new, learns about the history of bitcoin

[bargainbin]

Not only do you not understand Bitcoin, but you seem generally confused.
>there will be no two competing chains ever.
Wrong.
>only one there can be at any given time
Wrong.
>one of the two is not bitcoin it's an alt
"there will be *2* Bitcoins -- core, with ~25% of the hashpower (if that), and Classic."
Yes, you can call one of them an alt. Which one is entirely up to you.
>and wrong again for the sha256 and bitcoin, because bitcoin without merchants is useless, miners are beholden to bitcoin not to the algo
Wrong. The core alt will be without merchants exchanges, the only merchants that matter. Unless the merchants exchangesare insane, and go with the core forklet (which could, and will, be attacked and re-forked with the massive hashpower of Classic)

So now you know

you clearly do not know how consensus work, the majority of the vote through the node will determine what the new chain will be the real bitcoin and what will be only an alt, no coins will be lost

there were multiple hard fork, hard forking it's nothing new, learns about the history of bitcoin

>the majority of the vote through the node will determine what the new chain will be
That makes no sense. What are you trying to say?

As far as history goes, chances are I sold you your first coin. Enjoy

[Jordan23]

@mirana12345
>Bitcoin can transact value from one point to another better than any fiat ever created.
No. Bitcoin can not "transact value from one point to another."  It can send digital strings, which are anything but value.

Bitcoin does transact value, it can also be used to store value,  as well as many other things.
Saying anything but is nothing other than ignorance, or intentional lying. So what is it in your case ?

A binary string can also be used to store and transmit value.
Banks do it all the time, that's how fiat money moves around. Surprised?

I can also send my PIN code to my GF as an ASCII string, and she can take money out of a cash machine.
This doesn't mean that ASCII strings send value -- merely send information. Parties on both ends need to agree on what that info means.

Do you understand better now?

I better call all the stores and service owners where i purchased with bitcoin then , and tell them that i have transacted them no value at all.
My god man, you are really ignorant. You are staring facts in face, but still yappin' around like a cave man.

So I guess texting my PIN to my GF also transfers value, only faster & easier
Start reading and stop being retarded, my good man.

Who accepts a PIN for goods and services? And you're calling people names?.?.