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It's backed by mathematics instead of a country. That doesn't make it better or worse, just different, and diversity is generally what people want in their port
by tobrien6 5y ago
It's backed by mathematics instead of a country. That doesn't make it better or worse, just different, and diversity is generally what people want in their portfolio.
- eli 5y agoIt's not backed by mathematics any more than gold is backed by chemistry.
- toufka 5y agoUh, gold _is_ backed by chemistry. If gold were to change nearly any of its chemical properties, it would instantly lose its value. It is stable, generally non-reactive, non-toxic, lustrous, and of generally low abundance - all properties derived directly from its chemistry. That is actually one of the strongest arguments, to my mind, for why some variant of a cryptocurrency will survive as a store of value. Gold kind of "organically" found its way into value almost precisely because it is backed by the physical laws of nature. Cryptocurrencies went up a level to be backed by the laws of mathematics.
- hypertele-Xii 5y agoSo, quite a lot then? Making gold has always been the holy grail of chemistry. It's only valuable because chemistry says you can't make it easily.