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# Bloomberg have been chirping about $78K exchange rate for #Bitcoin today and this

#Gresham'sLaw is nonsense: the #US dollar **is** backed by gold, black gold, oil and that is why it is the reserve currency.

Nobody wants to hold a weak currency.

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Bitcoin Eoin 🇮🇪 1y ago

You're right. Nobody wants to hold a weak currency. But you're wrong about oil. The dollar is not backed by oil.

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Discussion

10Luno 1y ago

# #petrodollar ?

Bitcoin Eoin 🇮🇪 1y ago

Trading oil for dollars is not the same as being 'backed' by dollars.

Bitcoin Eoin 🇮🇪 1y ago

Backed by oil I mean. It's not the same as being backed by oil.

10Luno 1y ago

# Try trading Yen for oil. US dollars buy oil. So i can turn in my IOU dollars for a barrel of oil, a commodity. How is that materially different to a gold standard?

Bitcoin Eoin 🇮🇪 1y ago

Saudi Arabia now accepts yuan for oil

10Luno 1y ago

Yen?

Bitcoin Eoin 🇮🇪 1y ago

The US Dollar is unbacked fiat. It is not backed by anything.

10Luno 1y ago

# I beg to differ l