[cynwoody]

Screw thatis. ‘Worth’ according to who or what? Can a person physically hold a ‘bitcoin’ in their hand? Yes or no? Case closed.

Can you physically hold the value of your paycheck in your hand? I'd bet that piece of paper weighs less than its equivalent in gold, just as does the bitcoin.

A bitcoin is worth whatever people will pay for it. Same goes for a piece of gold. Same goes for your paycheck.

[Mr. Douglas]

A bitcoin is worth whatever people will pay for it. Same goes for a piece of gold. Same goes for your paycheck.

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I agree that a paycheck is just fiat money, but it is backed by your government. If it fails, the value of your money will be the least of your problems.

Bitcoins are fiat money that are not even backed by any country. They can fail and, well, it’s like owning stock in a company that failed.

i.e. fiat money is backed by something of substance. Bitcoins don’t even have that. They are a pyramid scheme.

[Mr. Douglas]

A bitcoin is worth whatever people will pay for it. Same goes for a piece of gold. Same goes for your paycheck.

---

I agree that a paycheck is just fiat money, but it is backed by your government. If it fails, the value of your money will be the least of your problems.

Bitcoins are fiat money that are not even backed by any country. They can fail and, well, it’s like owning stock in a company that failed.

i.e. fiat money is backed by something of substance. Bitcoins don’t even have that. They are a pyramid scheme.