this post was submitted on 08 Feb 2025
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To quote Brian Brushwood, "It's just pieces of paper that we believe in."
The reason that you and everyone else believe in it is primarily because you need it to pay taxes, so the belief is not arbitrary.
You don't need Bitcoin to pay taxes, yet belief in it continues to grow.
That is true, but Bitcoin, like all other crypto"currencies", is a Ponzi scheme. Its value is driven purely by speculation, and the hope that it can be passed on to a "greater fool" for profit. This is true for a lot of financial assets, by the way.
You don't think secure time stamps are useful?