The South Sea Bubble 2.0
I have yet to see a bitcoin.
What’s it made of ?
I have yet to see a security. I have yet to see a debt obligation.
When I buy my groceries, I use a credit card. The store gets nothing they can see. What they get is a promise that somebody will pay them. I haven’t seen a promise before. When I bought my car, I didn’t hand over a dime. Phone calls were made and money was transferred from a bank. I’ve never seen a money transfer. Just a bunch of electrons inside wires, really. An entry in a database that says the car dealership has money.
Gee, that sounds familiar. How’s Bitcoin work again?
Same thing as most fiat currency in the world is. Bits of electronic data. They don't have to print USD like they used to. They just create money like a Dominion Voting Machine. We're mostly a cashless society aka data money. Insert, Swipe, Tap. PIN