I'm a Systems Reliability and DevOps engineer for Netdata Inc. When not working, I enjoy studying linguistics and history, playing video games, and cooking all kinds of international cuisine.
Most 'real world' currency also has zero intrinsic value. Most major currencies throughout the world only have value because the governments responsible for them say they do and most of the world population for whom it matters either agrees or just blindly trusts them.
That's certainly true. But with cryptocurrency, you don't even have the advantage of physical currency.
I think it's fair to say that based on the amount of Bitcoin that's been stolen or extorted from individuals-- including by Bitcoin exchange operators your supposed to be able to trust-- only a fool puts any real confidence in cryptocurrencies.
So where does that put us? Only government-regulated cryptocurrency could be trusted in any realistic way. And that basically defeats one of the goals of cryptocurrency.
Sovereign currencies have value because issuing governments only accept tax payment with those currencies, and tax payment is required under penalty of prison. I’m not sure I would call that agreement or blind trust.
Most 'real world' currency also has zero intrinsic value. Most major currencies throughout the world only have value because the governments responsible for them say they do and most of the world population for whom it matters either agrees or just blindly trusts them.
That's certainly true. But with cryptocurrency, you don't even have the advantage of physical currency.
I think it's fair to say that based on the amount of Bitcoin that's been stolen or extorted from individuals-- including by Bitcoin exchange operators your supposed to be able to trust-- only a fool puts any real confidence in cryptocurrencies.
So where does that put us? Only government-regulated cryptocurrency could be trusted in any realistic way. And that basically defeats one of the goals of cryptocurrency.
Sovereign currencies have value because issuing governments only accept tax payment with those currencies, and tax payment is required under penalty of prison. I’m not sure I would call that agreement or blind trust.
It's the governments way of ensuring that currency has value.