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| It is a fiat currency, basically not backed by gold or other tangible asset, just like our US dollar. It just shows you can use anything for money as long as everyone agrees that the token has value. It's when people no longer trust in the value of the money that problems arise for the status quo. I've heard that even though the dollar is also fiat currency it is "backed by the full faith and credit of the US government". This is true, but who is the US government? The same group who have a much higher rate of bankruptcy than the US population, the same guy who declared bankruptcy something like 6 times, the same people who lie to us on almost every occasion. In case you can't tell, I'm skeptical of the "full faith and credit" part. | |
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Cryptocurrency
