Lol, so you say that currencies did not exist before nation states and central banks? Have you ever heard of gold? Have you ever heard of entire history without state monopoly on money that existed before 20th century?
Currencies are not backed by states, they're backed by nothing. Central bank can "print" as much as it want and destroy the whole economy. Just look at Venezuela and Zimbabwe.
Bitcoin is a realization that money cannot be handled by states.
No, I say that currencies are backed by a central authority. And that's a constant in human history. And that's also the characteristic of currencies. Currencies exist because the central authority that backs them is trusted to always be solvent, and that's possible because by definition such central authorities, States in the 20th-21st century are not considered to possibly disappear. Unlike banks, unlike individuals, etc.
Bitcoin is the realization that scams have fully entered the 21st century. And if Bitcoin were not a scam, do you think that places like GS would have any interest in it?
False. Currencies were not backed by central authority before the decline of golden standard in 20th century. Before that, every bank note and every coin was exchangable for a piece of gold if the currency was based on gold standard. No central banks existed! Also no hyperinflations... Fiat is the largest scam ever made.
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