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nobody | 9 months ago (raw) | root | parent | reply | flag +1 
 It’s backed by pure violent energy.  Men with guns & the ability to wipe you off the planet at any time for any reason.
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mrclownworld | 9 months ago (raw) | root | parent | reply | flag +3 
 Actually, thats what it is secured by, which is terrible but different. What it’s backed by (exchangeable for) is debt obligations.

The gold standard was also enforced by men with guns. But you and I and our mortgages have replaced gold. We are the reserve asset.
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nobody | 9 months ago (raw) | root | parent | reply | flag +1 
 True. True. 
It’s why Bitcoin is programmed to go up forever.   That’s how it’s supposed to be with a true (non slave) reserve asset.