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MurderDeathKiIl t1_j22q60e wrote

Reply to comment by Future-Spirit7874 in Sam Bankman-Fried to enter plea in FTX fraud case by hzj5790

Maybe you should take some basic economy classes. Bitcoin has no real value. It’s all made up value through speculation and shady/criminal transactions. The value thus is external, never had any intrinsic value.

Money, such as coins and banknotes, are physical object. The amount of metal in a dollar or euro coin amounts to the value of its alloy, which is in limited quantity in the world and has real-life value.

Bitcoin always was and will be a scam propagated by those that want to escape fiat currencies for criminal whitewashers. You keep defending Bitcoin like a potdealer defending cartels.

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azimir t1_j22wnak wrote

>Money, such as coins and banknotes, are physical object. The amount of metal in a dollar or euro coin amounts to the value of its alloy, which is in limited quantity in the world and has real-life value.

Except that around 90% (or more) of US dollars are digital. Add in that they might be physical, but their materials are worth less than their face value. Only cents from before 1982 (and some 1982's) actually have a metal value more than their face value because copper's value climbed so much. It's same reason we went to small cents in 1867 because it was too costly to make larger copper cents.

We (the US) haven't been on a gold standard for at least 50 years where we had true gold/silver backed notes. The actual value of a US dollar is entirely because someone else will take something for it.

> Bitcoin has no real value. It’s all made up value through speculation and shady/criminal transactions.

US dollars have made the transition to having daily value while cryptocurrencies did not. Anything can be used as a currency if the public values it and accepts it as such. That was the lesson learned when countries dropped the gold standard.

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