Quote:
Originally Posted by BuiltnBoostedZ
The systems, markets, currency, credit....only work if you believe in them. If you look at the most basic ideas of these things, crypto is no different. Ever dollar you spend now is imaginary. Every stock you buy is imaginary. All your debt is imaginary. If everyone collectively stop believing paper money is valuable...it'll just be paper. Much like the Gold reference in a previous post. Will it boom or will it fail? That depends on how many believe in the system.
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Not quite. I buy Coke stock because I have faith in the company to create value. I buy treasury notes because I trust that the government will see to it that the interest will be paid. Bitcoin has no underlying construct upon which I can put my trust. It's a ghost, a wisp of ether, hoping against all logic that it's self-induced scarcity will somehow create value.