Quote:
Originally Posted by bossbunny
The dollar is no longer backed by gold, hasn't been for some time. The dollar only has value because we as a society give it value. Same with cryptocurrencies, they have value because their holders determine it to be of value.
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The difference between the dollar and crypto is that while the dollar isn't fully backed by gold anymore, it still has gold backing and the government has assets such as land, buildings, mine able resources, etc to back it up. Crypto is theoretical money. It's physical value is even less than Monopoly money because at least Monopoly money is printed on paper that can be recycled.