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Bitcoin hesitaters complain that Bitcoin takes too much energy to create. But consider our own petro dollar: the amount of energy it requires is staggering. The cultivation of paper, printing, distribution, storage, etcetera uses much more energy. Consider all the banks required to distribute and count it over and over.

Having said that, note that the federal reserve note is also backed by energy, just in a different form. Gold stopped backing our currency when Nixon was in office.

Bitcoin hesitaters complain that Bitcoin takes too much energy to create. But consider our own petro dollar: the amount of energy it requires is staggering. The cultivation of paper, printing, distribution, storage, etcetera uses much more energy. Consider all the banks required to distribute and count it over and over. Having said that, note that the federal reserve note is also backed by energy, just in a different form. Gold stopped backing our currency when Nixon was in office.

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[–] • 0 pt

I didn't mean to do that. I grossly over simplified it.

It's backed by NOTHING

You are correct, it's not back by any asset as such. Consider though, the Saudi deal which ensured its reserve status by forcing all oil contracts in USD. True, it's not backed by any asset, but that deal indirectly ties it to petroleum, thus energy. You could make a case that the dollar is backed by violence due to military enforcement.

In effect, all currency must have some identifiable value or people won't accept it. I think it's a mute point since it's collapsing now.