> Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything
Fundamentally it's not really any better than cryptocurrencies. We can't easily transact with cryptocurrencies due to cultural reasons. We have coins right now that can be used to transact with complete privacy. People don't do it because culture is slow to change.
Worst case for cryptocurrencies is the whole Tether thing implodes. Not sure it ever will but hey, if the US government will bail out banks when they screw everything up, why not Tether as well?
https://www.treasury.gov/resource-center/faqs/Currency/Pages...
> Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything
Fundamentally it's not really any better than cryptocurrencies. We can't easily transact with cryptocurrencies due to cultural reasons. We have coins right now that can be used to transact with complete privacy. People don't do it because culture is slow to change.
Worst case for cryptocurrencies is the whole Tether thing implodes. Not sure it ever will but hey, if the US government will bail out banks when they screw everything up, why not Tether as well?