News for hackers. Stuff that matters.

A comment on Cambridge Bitcoin Electricity Consumption Index. Parent comment

Re:Cambridge Bitcoin Electricity Consumption Index by yokaze on Wednesday February 10, 2021 @09:34AM (#26089627)
No, FIAT currencies derive a value by the government putting one to it. The government spends it and accepts payment with it.

Government spending in the US is 35% of the whole GDP.

Try to argue with your tax office, that it is an illusion/religion.

[ Parent | on HN ]
Re:Cambridge Bitcoin Electricity Consumption Index by freddieoduks on Wednesday February 10, 2021 @10:23AM (#26090334)
the only reason the dollar has any value at all is that it is issued within the context of a society full of people who have agreed to treat it as though it has value. Without that faith, every major currency on Earth would be as useful as small pieces of paper generally are
[ Parent | on HN ]
Re:Cambridge Bitcoin Electricity Consumption Index by anthonypasq on Wednesday February 10, 2021 @09:48AM (#26089812)
no, this is literally macro economics 101 dude. Governments don't give money value. People's belief it has value is what gives money value.
[ Parent | on HN ]