Re:Hacker News is more interested in Bitcoin when there's a ...
by jstanley on Monday July 31, 2017 @02:41PM
(#14894770)
> why should these bits be worth more than the output of /dev/random, or some bits that make up a MP3 file?
Well why don't you generate some bits from /dev/random and see how much people will offer you for them?
The reason Bitcoin is worth more than arbitrary bits is because it can't be faked (you can't just create more bits for free and spend them again) and because everybody else agrees that they're worth something. The same properties that any system of money requires.
EDIT: And what do you think it means to be "backed by full faith and credit"? It sounds grandiose but is meaningless.
Well why don't you generate some bits from /dev/random and see how much people will offer you for them?
The reason Bitcoin is worth more than arbitrary bits is because it can't be faked (you can't just create more bits for free and spend them again) and because everybody else agrees that they're worth something. The same properties that any system of money requires.
EDIT: And what do you think it means to be "backed by full faith and credit"? It sounds grandiose but is meaningless.