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RE: Bitcoin Versus Normal Fiat Currency

in #bitcoin7 years ago

Hi @luzcypher great post, i have been involved in the financial markets for the last 6 years and the scariest realisation I came to was that our fiat currency is backed by nothing and that each and every dollar that comes into existence steals value from every dollar that already exists. Meaning every dollar in existence right now cannot pay-down the debt. On the other end the idea of cryptos having a finite amount ensures the attribute of money , ' store of value' is held in the crypto over time.

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@pndmfinance correct fiat currency is backed by nothing but how do you think bitcoin is backed?