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Congratulations, you've also just described the U.S. dollar. Not backed by real life assets and scarcity not guaranteed by the federal reserve.

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Unlike bitcoins, law guarantees the uniqueness of the dollar as a currency in US. The government collects via tax, in USD, a significant percentage each year (15% - 35% ?) of the wealth created by US corporations and residents.

It's backed by the largest military on earth. That's not nothing.

You and I are using different definitions of the word "backed".

See, that's where I disagree. If we look at the definition:

Give financial, material, or moral support to: "go up there and tell them—I'll back you up".

I think the military falls under material support.

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