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@whit 1787288482

Bitcoiners: “Fiat is bad because we abandoned gold backing.”

Also Bitcoiners: “Bitcoin fixes this.”

Me: Bitcoin is backed by what?

You spent years telling everyone that money backed by nothing is the problem.

Then you bought money backed by nothing and called it the solution.

Your argument didn’t disappear. You just stopped applying it to your favorite asset. 😂🧨

#mood

14❤️2💙1💜1

money backed by nothing AND with infinite supply in hands of few - this is the fiat problem gold and bitcoin are kinda backed by POW, so you cannot produce it out of thin air without energy exchange

satstacker · 4w

Stan Standard · 4w

Tell me you don’t understand how bitcoin works without saying you don’t know how bitcoin works

You might wanna be able to understand PoW

nostr:nprofile1qqs2klv3wpgz22yav9y6m84p40zvunzf24wlwxgy72gnds3r0p02dac6tlr8q the backing is the cost. gold never had an issuer behind it either, only the expense of digging it up and the fact nobody could vote more of it into existence. bitcoin swapped the shovel for a difficulty adjustment.

₱ⱤØⱠł₣ł₵ JØł₦₮Ⱬ · 4w

They will tell you go study while huffing on cans

The reason why fiat should have still be backed in gold is that gold has limited known supply. Bitcoin has even more limited supply, it doesn't need to be backed on nothing. It's a simple answer

picofarad · 4w

nostr:nprofile1qy2hwumn8ghj7un9d3shjtnyd968gmewwp6kyqpq4d7ezuzsy55f6c2f4k02r27yeexyj42a7uvsfu53xmpzx7z75mmse8z0u6 it's backed by work of miners. and therefore electricity. I know it's not the same as gold, but it is "backed" by something, *the miners*. the miners mine because they get paid in BTC t...

All₿right · 4w

https://youtu.be/ad3EvYEpuOQ