i am not a commie
i just offered a answer to the question
what is bitcoin backed by? mainstream answere: backed by nothing
i wouldnt say this is true
where is you explanation and why you are a commie ?
Hard to tell what words would work for you without more explanation of where you're getting confused
Discussion
I see what was confusing now - I had 2 replies, this one was talking about my other one.
Bitcoin isn't "backed by" energy because the way a money is issued isn't what backs it, whatever you're offered to trade for it by the issuer to make you use it is what backs it.
I'm a commie because I'm not a money fanatic
okay,
"whatever you're offered to trade for it by the issuer to make you use it is what backs it."
you mean the value derives from the trade with other goods!?
yes you could also say that
the "backed by" and "intrinsic value" are mostly similar arguments, i would say
i could also say nothing is backed by anything
maybe only the human condition is governed by the natural laws
but i am making to many points here
I mean a currency is backed by something if the issuer offers it to trade to back the currency
The dollar used to be backed by gold because the US issuing it would trade gold for it
okay now i get your point
the the dollar is also not backed by anything at this point in time
i only made the point because the FUDers would tell that bitcoin isnt backed by anything BUT they dont tell you that other currencies are also not backed by something. they would leave the taste that only bitcoin is bad and other currencies are not...
the dollar is even worse because the closest thing it has to a backing now is gasoline... which we burn lol