Sunday, February 9, 2014

Russia Bans Bitcoin -- The Bill Still Report

Russia has banned Bitcoin, but the US Postal Service may open Bitcoin centers.




Bitcoin is backed by people who're using it. Even biggest Chinese exchange accepting it. What drives those people to use it? The faith that the currency won't be closed under any circumstances because it is decentralized.
A dollar means nothing. It only means something because you believe it means something. These currencys are called FIAT currencies. Our dollar used to be worth gold but Nixon got rid of that, therefore we print a shit ton of it because there is no intrinsic value. If you had one pound of gold and had 100 dollars each dollar would be worth 1/100th of a pound. By printing 900 more dollars you deflated the value of the other dollars. Most money today are just numbers on computers, like 90%

1 comment: