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RE: Reality Check: Is Crypto Backed by “Radical Transparency”?
cyrptocurrency is soo young, compared to stock market $70 trillion market cap. And not all crypto are scam, there's a crypto that is backed by a proof of work, proof of brain . The Government can print whatever they like if they cannot figure out how to improve their economy.
Couldn't we also agree that it doesn't necessarily need a backing at this point in time. For instance, if we compare it to other commodities that are traded and scarce (Rookie Baseball Cards, Coins, Famous Works of Art), those do not have any backing other than the fact that there is a market for them.
If there is a demand there will be value. Totally agree.
The people can decide the value for once.
At the end of the day crypto is backed by the investment that people have made into it and the value of all apps that have been build on top of it.
Please do also bear in mind that the market cap only reflects the last investment made, so value of total investment is much lower than the actual market cap.