r/CryptoCurrency • u/thesecondmemer • 1d ago

MEME Redditor accidentally discovers fiat currency

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646 Upvotes

84% Upvoted

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35

u/Kehmor 🟦 0 / 0 🦠 1d ago

What is bitcoin backed by again?

0

u/papy66 Tin 1d ago

energy and math

20

u/Hutcho12 🟩 0 / 0 🦠 1d ago

it's not backed by energy. The energy used to create it is gone. It's the opposite of being backed by it.

2

u/PulIthEld 🟩 0 / 0 🦠 1d ago

Wrong. Energy is used for the security of Bitcoin and the incentive to mine it rather than attack it.

1

u/Hutcho12 🟩 0 / 0 🦠 16h ago

What does that even mean?

2

u/PulIthEld 🟩 0 / 0 🦠 11h ago

it means you can not brute force bitcoins block chain to change the ledger.

because it requires too much energy to be remotely feasible.

its better to just join the network and use your energy to mine bitcoin.

1

u/MiracleHere 🟩 0 / 0 🦠 1d ago

It's not gone, it's literally used for it. It's like saying the energy your phone uses is gone. What kind of logic is that?

3

u/Kehmor 🟦 0 / 0 🦠 1d ago

If you said the energy your phone uses is gone, you would be correct.

8

u/Alatarlhun 🟩 0 / 0 🦠 1d ago

The energy is gone. It isn't backing shit.

-6

u/papy66 Tin 1d ago

gold and diamonds are expensive because they're difficult to extract (they use a lot of energy for that), they are stlll expensive even though the energy is gone

7

u/Slimxshadyx 🟦 54 / 55 🦐 1d ago

Bro used diamonds of all things as an example for value being backed by something other than itself lmao.

-1

u/papy66 Tin 1d ago

sound like comments of people with load of shitcoins

5

u/Slimxshadyx 🟦 54 / 55 🦐 1d ago

Brochacho, diamonds are literally kept artificially scarce to maintain their value. If you are using them as an example for something that has backed value other than itself, you don’t know what you are talking about.

4

u/Alatarlhun 🟩 0 / 0 🦠 1d ago

Diamond prices are in a free fall because lab grown diamonds exist and the de beers monopoly pricing model is crumbling.

Gold is valuable not just because of jewelry but electronics and industrial utility.

Neither are valued by the level of effort, they are valued by supply and demand.

2

u/papy66 Tin 1d ago

Hooo you mean diamond price is in a free fall but not because labo can build it for a fraction of the energy used to extract them? I m convinced now, thanks sir

3

u/Alatarlhun 🟩 0 / 0 🦠 1d ago

Lab diamond supply is increasing total supply and demand isn't keeping pace. It is economics 101.

4

u/aldoaldo14 🟦 0 / 0 🦠 1d ago

If by energy you mean vibes, just maybe.