What gave Bitcoin its value? People exchanging debt for it.
Wrong. What gives it its value is the energy used to mine it, which is what keeps the rules in place which prevents anyone from altering the ledger - meaning no fractional reserve / banker tricks. Everyone who runs a node has a complete copy and checks everyone else. Bitcoin exists completely independent of any fiat currency. In fact it did not even have a value represented in dollar terms until someone paid someone else 10,000 BTC for two pizzas.
It allows the powers that be see and audit every last transaction.
True, but the native protocol does not contain any personal information, only random strings to represent a wallet address. The only way to link an identity to a wallet address is to do so through a regulated exchange which collects ID info.
Also, as wonderful as CBDC sounds to you
Where did I say I support CBDC? You should reread my comment because you clearly didn't understand it the first time.
That's up to each individual miner. People have come up with some pretty creative solutions. But even if they pay with fiat, the energy is the asset, not the fiat. Fiat cannot back anything. Bitcoin backs itself through the immutable decentralized ledger.
Bitcoin, up until now and currently, has been backed mostly by fiat, whether it be a direct transaction or via mined energy purchased by fiat, regardless of the ingenious 1% solutions out there. Without that fiat, it's just another algorithm chilling off in some corner of cyberspace.
Wrong. What gives it its value is the energy used to mine it, which is what keeps the rules in place which prevents anyone from altering the ledger - meaning no fractional reserve / banker tricks. Everyone who runs a node has a complete copy and checks everyone else. Bitcoin exists completely independent of any fiat currency. In fact it did not even have a value represented in dollar terms until someone paid someone else 10,000 BTC for two pizzas.
True, but the native protocol does not contain any personal information, only random strings to represent a wallet address. The only way to link an identity to a wallet address is to do so through a regulated exchange which collects ID info.
Where did I say I support CBDC? You should reread my comment because you clearly didn't understand it the first time.
What do you use to pay for access to that energy? More Bitcoin? The energy isn't free.
That's up to each individual miner. People have come up with some pretty creative solutions. But even if they pay with fiat, the energy is the asset, not the fiat. Fiat cannot back anything. Bitcoin backs itself through the immutable decentralized ledger.
Bitcoin, up until now and currently, has been backed mostly by fiat, whether it be a direct transaction or via mined energy purchased by fiat, regardless of the ingenious 1% solutions out there. Without that fiat, it's just another algorithm chilling off in some corner of cyberspace.
Oh, and it is still unconstitutional.
Again, wrong. Bitcoin backs itself. It would exist and function all on its own even if fiat didn't exist.
Constitutional? Irrelevant because it's public open source technology. There's no government trying to force people to use it.