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johnkelly730 wrote:Surely there is something making the bitcoin valuable. In the same way that everybody can turn their Paypal money into paper money. Or the same way that paper money is supposedly a place holder for gold. If somebody just made it up with nothing behind it, sooner or later it will go back to where it came from.
johnkelly730 wrote:I always thought that the US dollar was backed by the gold owned by the Federal Reserve in places like Fort Knox. Printing more money without getting more gold caused inflation.
The bitcoins having value "because they are useful and because they are scarce" is a strange and iffy concept to me since they were apparently created out of nothing except an idea.
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