• iopq@lemmy.world
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    11 months ago

    How did they live? Buying food with fiat, checkmate buttcoiners

    Value of anything is determined by what someone is willing to pay. But you are wrong about the value of other crypto, it’s traded by bots against Bitcoin, so when Bitcoin goes up it affects all the other crypto because they have a much closer correlation to BTC than to the dollar.

    I agree that BTC is a fiat currency. The point is over a longer time frame it will store more value if there are more services like the lightning network that rely on eventually doing transactions on the main net.