this post was submitted on 20 May 2024
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You could very well make the argument that ultimately crypto is backed by energy, which is something we all agree has value. Without energy, you can't go to work, heat or cool your house or anything like that. If you believe that electricity is fundamental for society, then by extension, crypto is backed by the most fundamental force that there is even bigger than a government.
But it’s not backed by energy.
The energy was consumed in the process of creating the crypto, that energy no longer exists and since it doesn’t exist it can’t back anything.
Isn't there a person that famously said something to the effect of energy is neither created nor destroyed, only modified? I want to say it was like Isaac Newton or something. Some big name anyway. So you're not destroying the energy. You're changing the energy into heat, which during the winter can heat your home as a subsidy to your furnace, and you are turning it into a digital representation that you can take and spend anywhere in the world.
Still not describing anything that indicates it backs it.
Good news though, I did reply again so feel free to condescendingly demonstrate your intelligence again.