ALL money is backed by trust.
Full stop.
The question is, do the true properties of the money actually make it trustworthy?
Discussion
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I trust #Bitcoin because i can see everything about it. I can verify all of its rules. I understand its system and why its rules are almost impossible to change. And it has rewarded that trust for 15 years
I don't trust fiat because I'm not stupid. Its rules are absurd, its system is designed to impoverish people to benefit the counterfeit class, and it punishes those who trust it on a daily basis.
"Backed" is a term that everyone throws around. I don't understand how a money needs backing. For instance the properties of gold made it money, not some sort of trust consortium. Money is trusted the way gravity is trusted. It IS the thing. I guess having the knowledge of physical reality predisposes you to trust it but that's as close as you can get to a tautology without repeating words. Fiat needs trust precisely BECAUSE it doesn't comport with reality.
