Where Do Cryptocurrencies Get Their Value? Ponzi Scheme or Cutting Edge?
Have you ever wondered why all this money is flooding in to the market or where the blockchains get their value?
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The U.S. Dollar was once backed by gold, now it is not. Instead the value of the dollar relies on the fact that it is currently the World's reserve currency, and sanctioned as acceptable tender by governments. Bitcoin is a threat, as it presents an alternative for this system, that is outside of direct banking and government control.
It's the worlds reserve currency because of oil but what happens when it isn't backed by oil sales anymore? That's where blockchains come in. Excellent comment!
I belive that Blockchain technologies have value because they give people a hope that is not dependent on centralized governments and banking systems.
A lot of people have been negatively impacted when centralized authorities make decisions on behalf of the end users. We all feel a little jaded when our voice is not heard.
If a specific blockchain technology can give power back to the "every day" man then it will have the staying power it needs to make major changes.
Very well said. I think you're on the right track. I can tell, just from the way you speak, that we would probably get along. :)