dumb semantic argument
if "backed by" means
"that which you have to steal to have control of the thing"
then Bitcoin is backed by hash. which is energy.
but usually "backed by" means "the thing that gives value to the thing"
in that case Bitcoin isn't backed by anything.
1. I have never heard of "backed by" having anything to do with stealing
2. I don't see how the strategy to control Bitcoin is to steal the hash by stealing the energy it runs on
It is scarce, ergo it has value?
I think you are trolling :-)
I try it again:
The energy used to secure the system, and to mine the new blocks makes the value.
If you don't understand it, so be it ya zandiq
Securing the system doesn't give it value, it just presents value from being undermined by thievery. You still wouldn't value it if it wasn't scarce, but you will not change your evaluation of it based on changes in energy supply and demand like you would if those were the reasons for your current evaluation.
i bet you're a blast at parties
bye
I was before the pandemic and I will be again if I miraculously live to see a post retard, post pandemic world
