Re:Steam is no longer supporting Bitcoin
by nmj on Thursday December 07, 2017 @05:14AM
(#15868899)
What are your dollars but numbers being added and subtracted in a database? Things have value because people assign them value. There isn't some magical property that makes the trust in US government more legitimate than trust in math and cryptography. It would seem a lot of people would argue in favor of the latter as well.
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Re:Steam is no longer supporting Bitcoin
by alexasmyths on Thursday December 07, 2017 @10:02AM
(#15870509)
"What are your dollars but numbers being added and subtracted in a database? "
You can use Dollars to do buy zillions of things large and small.
You can use BTC for nothing.
Dollars are backed by assets, not that it matters that much.
Re:Steam is no longer supporting Bitcoin
by JoeAltmaier on Thursday December 07, 2017 @10:03AM
(#15870519)
I'm not sure dollars are backed by anything, but the faith in the government? I suppose that's more than BTC has. Hm.
Re:Steam is no longer supporting Bitcoin
by alexasmyths on Thursday December 07, 2017 @10:26AM
(#15870811)
Dollars are created and exchanged for TBills (and since 2007 a lot of real estate) on the free market by the Fed.
So TBills are in fact a kind of 'faith in the governments ability to pay' - but that is a measurable, tangible, verifiable thing.
Euros are generally backed by real estate and other 'high quality' assets.
Most good national currencies are managed that way.
So - the central banks basically control how 'one asset (i.e. real estate) is turned int currency' back and forth, keeping enough currency going so as to allow for economic expansion, and to keep inflation at about 2% and unemployment in check.
At least in theory.