Your argument is retarded. Crypto has no value because it is backed up by nothing. To say it has value because of time/bits spent is the same as arguing that a WOW account has value because you spent 9000 hours playing it and maxing out the character. Sure someone might buy it and give it inherent value, but its only as long as there are player playing the game. The moment the game loses popularity for something newer or shinier, the moment the house of cards fall down. The moment no one gives the max character value or the game any more play, it inherently loses value. There is a reason why there are 100's of cryptos out there and counting.
Why aren't max characters in WOW used as currency? Wouldn't it literally be the exact same as any crypto currency? Why is that only a handful of cryptos have value and the rest are dead in the water? Are they not also backed up by energy expenditure?
Just because there is energy expenditure doesn't mean it has value. If nuclear fusion becomes feasible and energy becomes free, crypto=worthless. If power goes out = worthless. If a government says that the currency is illegal = worthless. Guess what China just did numb nuts?
"People do not back currency. Peoples interests and wants give currency value." The dollar is tied to the American Economy. As long as the American economy has goods, services, labor etc that other people want it has value. The moment the us government says that no crypto exchange can occur to the us dollar, is the moment crypto dies. It has NO VALUE. China did it. Other countries will follow.
The question that was asked, is why trust the dollar,simple answer: because it is tied to the economy of the United States. The United States has goods, labor , etc that other countries and other people in the country want. Crypto has none of it. Energy expenditure or a finite amount of anything doesn't give it value. Why aren't trading cards used as a reserve currency? Precious metals are the same, they only hold value because they have a use. Crypto doesn't. I can use gold in an electronic device. Platinum in a cat. Crypto in a dildo machine?
If you're just going to repeat your original argument like you didn't read what I said clearly demonstrating your complete lack of personal research on the topic, I'm not going to keep trying to help you. Go back to Reddit and trade derivatives on webull.
Answer one question; numb nuts! Why aren't WOW accounts used as a currency? Doesn't it fulfill both of your arguments. Energy expenditure and consensus? People buy and sell WOW accounts all the time. To get a max account in WOW requires a great deal of energy expenditure.
I would trust crypto if any nation used it in a major transaction. You know, like when buying military equipment or major infrastructure builds occur. Since the US would never allow a country to pay for a helicopter in bitcoin, or China for a port build, it has no value.
HURR DURR "Those who are more heavily invested get more returns". The pyramid scheme is strong in this retard.
Cmon why are there hundreds of cryptocurrencies and only a few that hold any value? Wouldn't all of them, if mined hold the same?
You seem to think PoW is the only consensus model. We're done here.
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