Bitcoin isn’t “Backed by Nothing” It’s got the Entire weight of the Blockchain Behind it!

Bitcoin isn’t “Backed by Nothing” It’s got the Entire weight of the Blockchain Behind it! I had to laugh, the US Central Bank explains how Bitcoin is like a “regular currency”. Even though bitcoin and other cryptocurrencies may seem exotic, they share some qualities with regular currency. You don’t say? Yes Bitcoin is being used as a store of value and as a means of transactions, just ask Japan! But you know they are right: Digital currencies exist as data. The cash in your wallet exists as a blend of 75 percent cotton and 25 percent linen. Neither is inherently valuable. You don’t say! Money is fictional, did we catch that one? Wall Street gambles every morning, I was watching CNBC in Taiwan marveling at the machinery of it all. Backed by Nothing Bitcoin, like the US dollar, isn’t backed by any physical asset like gold. Its value is a consequence of the demand that people place on it, which has currently catapulted the price to about the $9,300 level. But fuck you, this isn’t a debt bubble and hyper manipulated economy we are talking about, the chess of central banks, no — this is the beginning of the transformative power of blockchain. Bitcoin is like the gift of an alien race to help humanity overcome its own greed and materialism. Decentralized Lastly, she evoked Satoshi Nakamoto’s vision – “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” — Satoshi Nakamoto’s white paper Let’s not forget where we come from and where we want civilization to go. We weren’t born to rule the world, we born to make it more livable. An entire generation attuned to the prospects of decentralization and what that means for ownership, the sharing economy, the caring economy that’s not just another get-rich stunt but part of an ecosystem based on consensus, collaborative innovation and a kind of globalization the 1% can’t even completely fathom. So are cryptocurrencies speculative? Fuck yeah, Bitcoin is just as anonymous as cash, nothing so special. We all live in computers, the future is being part of a smarter computer. Let’s face it, the Fed does not print money. It can, however, increase or decrease the monetary base. Crypto doesn’t own us, but it circulates the spirit of innovation in a new way. As for bitcoin, while its founder remains anonymous, its transactions are recorded on a public ledger that’s traceable. It’s poetic, what the blockchain will become. May smart contracts have the semblance of a conscience, because it’s possible money has failed us, as wealth inequality spirals out of control, and yet it’s crypto we are so concerned to regulate, I wonder why. Bitcoin isn’t backed by nothing, it’s a symbol of an undernourished generation without the opportunities their parents had. The starving generation, GenZ, who must occupy a world where automation will take their jobs. Fiat money issued by the Federal Reserve isn’t backed by gold, but our money is still valuable. Our fiat money is going to hop on to the blockchain soon, and so then will we still say — crypto is backed by nothing?