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- Aug 26, 2014
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Define "backing" please. The USD has no backing other than the trust and faith of the US government and its people, both of which are a terrible backing for a currency. BTC however has the backing of a massive blockchain network that makes the currency unfuckwithable.Congrats if you guys made some money, but I will laugh heartily when this bombs. Can you not deny that this is a bubble and strictly speculation?
It has no backing, its not based on expected corporate profits, its not back by a commodity's supply. It is only worth what people think it is worth. And the moment people see a dip, the rats will flee the ship.
There have been numerous dips in BTC yet it always recovers and climbs back up. Just a minute ago it crashed from 19.5k to 16k and now its climbing again. It will stabilize somewhere in this neighborhood and resume its bullrun. A single dip isn't going to crash the value; numerous dips have already happened.