Why have the dollar backed by (i.e. exchangeable for) a commodity? To prevent money printing, to link the dollar to the real world, to give it real value. Why not just use the thing it's exchangeable for (e.g. gold)? Because gold is hard to carry around and hard to cut into arbitrary pieces. With bitcoin, there is no need for a dollar at all. Why have a dollar exchangeable for bitcoin rather than just using bitcoin? What additional value does the dollar add in this case? Nothing. A bitcoin backed dollar is worse than just using bitcoin.
Except, people are used to dollars and know how to use them in their bank accounts.
nostrplebs.com / Alfred
npub1gh…3t5mn
2023-07-19 18:22:16
Author Public Key
npub1ghxg08xvg28rdd5dk7qnnyppcx8jtjfxqv83y7n8vfxznx8qaq4sw3t5mnPublished at
2023-07-19 18:22:16Event JSON
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"content": "Why have the dollar backed by (i.e. exchangeable for) a commodity? To prevent money printing, to link the dollar to the real world, to give it real value. Why not just use the thing it's exchangeable for (e.g. gold)? Because gold is hard to carry around and hard to cut into arbitrary pieces. With bitcoin, there is no need for a dollar at all. Why have a dollar exchangeable for bitcoin rather than just using bitcoin? What additional value does the dollar add in this case? Nothing. A bitcoin backed dollar is worse than just using bitcoin. \n\nExcept, people are used to dollars and know how to use them in their bank accounts. ",
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