“Being backed by gold seems very old and nostalgic to me. Being backed to a bitcoin, which takes time to actually make and there’s this equation that has to be done, that feels realer to me and makes more sense.”
Donald Glover
he atleast understands bitcoin
bitcoin is backed by the miners hard work, time, and expense to mine the coins, which give bitcoin a 'true value' which i personally see as the low price ( the lowest price a miner would sell at just to break even, before he decides to hoard it instead if it went too low)
this is the same as gold miners. initially backed by the gold miners time and expenditure. the only difference is that gold has moved on to a point where middlemen end up deciding what gold miners deserve as compensation for their expenditure/time. where as bitcoin is more peer-2-peer. allowing the miners to give their true valuation of their time/expenditure.
and as with both gold and bitcoin. prices above the monthly low's are the middlemen/profiteers/speculators.
bitcoin is not 100% speculation
