A senior White House official has hinted at the possibility of the U.S. utilizing its gold reserves to acquire more Bitcoin (CRYPTO: BTC). What Happened: Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, ...
  • pixxelkick@lemmy.world
    132·
    1 month ago

    Bitcoin is backed by the price of coal.

    For all intents and purposes, bitcoin is effectively minted coal.

    • futatorius@lemm.ee
      13·
      1 month ago

      Bitcoin doesn’t relate to coal that’s still unburnt. It’s more a certificate confirming a quantum of environmental destruction.

      • pixxelkick@lemmy.world
        1·
        1 month ago

        That’s probably a better way to put it yeah.

        And as fucked as it is, it is a fact that this does hold value and is backed by it.

        It’s just a pretty shit thing to be backed by ethically.

        But nonetheless, there is value in bitcoin, it’s just best we don’t encourage further investment in such a thing.

      • pixxelkick@lemmy.world
        1·
        1 month ago

        Yep. It’s unethical but nonetheless makes the coin actually have tangible holdings, because it’s actually impacting the real world.