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To: RedMonqey

Bitcoin is just a series of 01s and 00s on a computer.


I agree with you but to be fair. The dollar is just a piece of paper with some ink on it.

The dollar used to be backed by the “full faith and credit of the United states.”

Well that appears to be worthless now.

Bit coins claims to be backed up by various things which I view just as worthless.

Full faith and credit is an unsecured method of backing debt based on trust and reputation.

UNSECURED METHOD OF BACKING DEBT! BASED ON TRUST AND REPUTATION.!

https://www.investopedia.com/terms/f/full-faith-credit.asp

KEY TAKEAWAYS

Full faith and credit is an unsecured method of backing debt based on trust and reputation.

Governments offer issue bonds backed only by their ability to collect taxes and other revenues in the future.

Because governments theoretically have the unlimited and lawful capacity to collect revenue, these bonds are often considered low-risk, and thus carry lower yields.

The Government National Mortgage Association (Ginnie Mae) is one example of a government agency that is backed by the full faith and credit of the U.S. government.


63 posted on 03/11/2024 7:41:10 PM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: PeterPrinciple

I’ve already spoke my views on our government’s fiat currency(”currency” is not the same as money which has value on it’s own) on post 26.
Bitcoin has no inherent value, just a means of transaction with the side benefit of increase/decrease of worth.
But, like a ponzie scheme that’s been revealed, the price of Bitcoin could collapse and be absolutely worthless.
Now government currency too can become worthless as well as see in the hyperinflation of the Weimar Republic and more recently Zimbabwe.
However the government has the distinct advantage of taxation which can be used to alleviate to some degree the value of it’s currency while Bitcoin cannot once investor’s lose faith in its future prospects.
As to the “00s and 01s, an determined hanker(s) could insert an virus into Bitcoins “mines” and those “00s and 01s” are then turned into XXXs. In time the damage might be recovered but not the time and value lost.
In est if you like but I’d prefer solid investments I can use my senses to determine value.


64 posted on 03/13/2024 6:22:39 PM PDT by RedMonqey ("A republic, if you can keep it" Benjamin Franklin.)
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