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Emin Gun Sirer shared: The dollar is backed by a giant ecosystem that accepts that asset for services. Crypto that supports smart contracts is backed by a small and growing ecosystem that accepts that asset for services.
Few understand this, Powell says “crypto is not backed by anything. “What’s the Dollar backed by…?”
Community Response: Crypto on the other hand is backed by exclusion to digital real estate. No one is shoving a gun in your face but if you don’t use AVAX you can’t access the services so you have to willingly buy in.
Regards, my teacher, would you consider that AVAX will turn into the official currency of Turkey in the long run, or that the governments will accept it as the official currency, is such a thing possible?
Such a question is arising because Emin Gün Sirer is a Turkish-American computer scientist. He is currently an associate professor of computer science at Cornell University, co-director of IC3. He is known for his contributions to peer-to-peer systems, operating systems and computer networking.
The dollar is backed by the implicit understand that the government ultimately has some degree of ultimate control over a country’s resources and economic output along with a military to enforce its will. Crypto is self-reinforced in that it represents power to use the network.
Funny when the world largest democracy keeping up with this faulty system, when more democratized options are available. They should promote it at the very least. Just to show us how power hungry the current system is. Really, US is only one party away from being China.
An ecosystem that is also, increasingly, present in other smart contract networks. So, pray that your “crypto that supports smart contracts” will attract and continue to attract eyeballs of people. Otherwise, people will just move on to better ones.
Dollar backed by a drove of carrier ships, the de-facto global market regulator, and the biggest most powerful military industrial complex that has ever existed on this planet. this is a joke comparison. The dollar is backed by the US army.
Right indeed, but also crypto is backed by ownership and freedom of choice where your ownership becomes your assets which can be mobilized and leveraged. Less than many can understand this.
Been stuck with the same systems for too long, without a fresh look for something new. Web 3.0 and the crypto revolution will bring in some much-needed changes.
USD are backed by reliable delivery of high-tech weapons systems. Both fiat and crypto is backed by belief. One is controlled by a handful of elites.
Disappointed not really any answers like “Eurodollar Market”, “Foreign Central Bank UST demand”, etc. We know the U.S. military exists. You all missed the point.
Wrong. The dollar is backed by you. Or more specifically the income tax and all the tax revenue raised by the federal government. If that proves insufficient it’s backed by your assets as well. The government is solvent (the people are not).
Government assets, the world’s largest military, holdings around the world, gold etc.
Are you talking about the 30 trillion debt or the military that left hostages and surrendered to 100k Taliban with flip-flops on?
$30T in debt against how much in assets? All the BLM land & the right to grant title to the resources under them. Trillions in federal real estate, all those gov’t institutions, the US Mint, the US Treasury, the Pentagon, Mount Rushmore and lot.
