Re:Binance exchange hackers steal bitcoins worth $41m
by Dirlewanger on Wednesday May 08, 2019 @09:26AM
(#19858591)
It's still worth something because the federal government says it's worth something. That's what a fiat currency is.
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Re:Binance exchange hackers steal bitcoins worth $41m
by ceejayoz on Wednesday May 08, 2019 @11:41AM
(#19859898)
That's not at all how it works. Zimbabwe and Venezuela's federal governments claimed their currencies were worth something until they were blue in the face.
It's worth something because the people using it feel it's worth something, and that's true for non-fiat currencies as well. Bitcoin and gold are non-fiat, but still heavily depend on demand to determine their value.