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To: Rockingham

Nope. Nobody cares about that. Money works because people believe in it. Government “backing” is as completely meaningless as gold backing. Crypto IS being used to debts public and private RIGHT NOW.

I don’t have to think it, it HAS HAPPENED. Read the link I gave you. Money gains ALL its power from the belief of the people trading it. Things made up by people not the government get used to purchase things all the time. Ever heard of stock based purchases.

I’m not advocating anything. I’m explaining to you how money works. How money has always worked. How money will always work. Once you understand that. The rest is painfully obvious.


81 posted on 12/27/2023 5:34:11 AM PST by discostu (like a dog being shown a card trick)
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To: discostu
I know how "money works." I worked for years as a banking lawyer, helped remove bad bankers, and helped shut down several banks that ran short on the green stuff. I continue to read widely in economic and finance.

The dollar has the benefit of being legal tender and has the backing of the "full faith and credit" of the United States of America. In contrast, bitcoin and other crypto ledger currencies are backed by what? Computers and software code? They are accepted only by those who are willing to accept them.

In time, the most widely accepted crypto currencies will be "stablecoins" that are fully backed by and convertible dollars or gold or other reliable official currencies and are accepted and integrated into the normal banking system.

83 posted on 12/27/2023 6:51:01 AM PST by Rockingham (`)
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