‘Bitcoin is a scam’ says Bill Harris, former CEO of PayPal and Intuit

the military actually has quite a huge amount of influence over forex markets why do you think we invest in it? https://www.quora.com/Why-is-oil-priced-and-traded-in-U-S-do...

> It is backed by the obligation to pay your taxes in that currency.

If it's a reserve currency, as the U.S. is, it is also backed by the demand of other states to hold U.S. dollars to stabilize their non-reserve currency.

Indeed, some argue that a reserve currency is not subject to ordinary balance of payments criteria. This is sometimes called exorbitant privilege.[1]

All to say, the U.S. currency is not just backed by assets of the nation, but by demand that other states have for local-currency stability.

Somewhat aside, some argue that this creates a perverted incentive to destabilize the world because unstable states and regions have a higher demand for a reserve currency.

[1] https://en.wikipedia.org/wiki/Exorbitant_privilege

I'm still assuming that gold has intrinsic technical value, only not directly to everyone, obviously. In the same vain, I guess the blockchain must have some inherent value, it's data after all, the gold of this century, and data concerning sha hashes at that. But from a glance I couldn't figure out how to use that as rainbow table or anything else.

It's not really a "belief", it's backed by the real things you can do with it. For example, if your currency is accepted by any real estate agent, your currency has real value far beyond belief, since property has real value in our society. This is what cryptocurrency lacks, and why it's value is overstated.

So I guess you didn't study the history of fiat

https://echobtg.com/fiat-currency-graveyard-a-history-of-mon...

https://steemit.com/money/@fluffy/fiat-currency-a-history-of...

You seem to be taking this personally. It's quite funny.

Okay lets do that. How do they enforce it? Many of the biggest exchanges are not in the US. There are some exchanges that are decentralized themselves and can't be taken down easily. Many countries are embracing cryptocurrencies like Germany, South Korea, Japan, and will offer safe havens for exchanges.

Of course cryptocurrency can always go underground and hid their traffic. Technically you could even run a cryptocurrency network through email. Technology has and will always move faster than governments.

On another front, it might be hard to galvanize support to ban cryptocurrency when many of the movers and shakers have embraced it. IBM is the largest tech provider to the financial sector and is working on more than 400 blockchain projects and runs its own cross border payment system that may already process 60% of all cross-border payments in the South Pacific using the Lumen crypto. Word is also going around the JPMorgan might start up bitcoin futures trading soon.

It seems like to me that the old world and gatekeepers have already decided that this is the way the world is moving.

Hi, maybe you noticed already, but the world is bigger than US alone.

Point is the pot calling the kettle black.

I don't think inflation is (necessarily) a problem. I do think that some people benefit immensely from being "close to the source" of money creation; and especially when times get tough, those with access to this fountain benefit at the peril of the masses who are using the currency.

There are cryptos with inflation built in, probably in whatever most ideal form you or anyone thinks is correct.

Or, I might say: You have a narrow view of bitcoin if you think stopping inflation is the problem that it's solving.