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BigV · 03-26-2019, 10:41 PM

@slang

Not bein a jerk, I promise.

What is money? What is a dollar? What is a Bitcoin? They're tokens backed by trust.

Bitcoin is differentiated in that the trust is distributed across the network that maintains the blockchain. This is unlike money which is a token backed by a government (or some other entity). What is gold? It's a medium that can be traded for other things. Things like money/bitcoins/other cryptocurrencies/goods/services/other currencies/etc.

It's a fungible medium of transactions, and which you like more or less will be influenced by how much trust you have in the backer of the medium/token. US Dollars--trustworthy. Venezuelan Bolívares--not so much. The trust *matters*.

03-26-2019, 10:41 PM	#70
BigV Goon Squad Leader Join Date: Nov 2004 Location: Seattle Posts: 27,063	@slang Not bein a jerk, I promise. What is money? What is a dollar? What is a Bitcoin? They're tokens backed by trust. Bitcoin is differentiated in that the trust is distributed across the network that maintains the blockchain. This is unlike money which is a token backed by a government (or some other entity). What is gold? It's a medium that can be traded for other things. Things like money/bitcoins/other cryptocurrencies/goods/services/other currencies/etc. It's a fungible medium of transactions, and which you like more or less will be influenced by how much trust you have in the backer of the medium/token. US Dollars--trustworthy. Venezuelan Bolívares--not so much. The trust matters. __________________ Be Just and Fear Not.