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RE: Where Do Cryptocurrencies Get Their Value? Ponzi Scheme or Cutting Edge?
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!