You Don’t Understand Bitcoin Because You Think Money Is Real

in #bitcoin7 years ago

"U.S. dollars are not backed by anything other than the faith of the fools who accept it as payment and of other fools who agree in turn to accept it as payment from them. The main difference is that, for the moment at least, the illusion, in the case of dollars, is more widely and more fiercely believed."

https://medium.com/@mariabustillos/you-dont-understand-bitcoin-because-you-think-money-is-real-5aef45b8e952

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That is true, but dollars used to be backed by gold before we were born at least. Thoes were the gory days of fiat for sure.

If people could understand that them working for 40 hours for cash....gives the cash value, then the world would be a better place. Most people could not even begin to explain how money actually works.