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View Diary: Bitcoin - it's like exchanging Turkish Lira, without the glamour. Or security. (163 comments)

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  •  USD is the same way (0+ / 0-)

    It only has value because people think it does. You should listen to the This American Life episode that discusses this. I think it was a story having to do with Brazil's economy. Maybe it was another South American country. Can't remember off the top of my head.

    •  Sorry, but I'll take (4+ / 0-)
      Recommended by:
      mmacdDE, ShawnGBR, cyberpuggy, LordRobin

      the "full faith and credit of the US Government" over a bunch of whiny libertarian speculators any day.

      This isn't freedom. This is fear - Captain America

      by Ellid on Wed Feb 12, 2014 at 10:37:42 AM PST

      [ Parent ]

    •  Uh, no. The USD has the force of law behind it. (0+ / 0-)

      The US dollar is legal tender in the United States.  That's not everyone agreeing to "think" the dollar has value.  That's the government saying by federal law that it has value.  The US Dollar is also the only way you can pay your US federal taxes.

      I get real sick of people claiming that the US dollar is just a delusion shared by all American citizens.  The law means something, and the law says the US dollar has value.  Unless the US government disappears, it will always have value.  And if the government does disappear, I will have more immediate concerns than the value of my savings account.

      ------RM

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