[Jonty30]

I think he’s fundamentally correct. There is nothing backing cryptocurrencies, except its notional value.

[Dead Corpse]

What is worth LESS than a piece of paper? Electrons.

Turn off the power and your bitcoin wallet is worth exactly ZERO.

Relative scarcity and marginal utility are what make currencies work.

[cgbg]

There is nothing backing cryptocurrencies, except its notional value.

There is nothing backing any currency, except its notional value.

The history of Homo Sapiens has been _very_ clear on that point.

[Reno89519]

And once they are stopped from use in illegal activities, once they are transparent, and taxes are paid on gains, I bet they will be worthless. Their only value now is funding illegal activity and avoiding taxes.

[T.B. Yoits]

I think he’s fundamentally correct. There is nothing backing cryptocurrencies, except its notional value.

The same is true of fiat currencies, including the U.S. Dollar. At least with a cryptocurrency you have a good idea how many are in circulation. With the U.S. Dollar, you have now idea how much the U.S. Treasury has printed, or added zeros and ones to accounts, whether "legitimately" or for the Taliban.

[DesertRhino]

“There is nothing backing cryptocurrencies, except its notional value.”

Oh, like the US dollar. Now I get it.

[PIF]

I think he’s fundamentally correct. There is nothing backing cryptocurrencies, except its notional value.

—
And now that the US Military has surrendered to 7th Century tribal types wielding 70 year old guns, neither does the Dollar.

[phormer phrog phlyer]

Sorta like the fiat US dollar then.