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Well, the Ethereum system is a foundation but essentially has a business practice of running smart-contracts on their blockchain system. Also, the Ethereum system uses its cash flow to buy Ethereum cryptocurrency off the market.
Bitcoin simply has technical support and then popular people advocating for Bitcoin don't really look very smart. They certainly don't seem to be humanitarian.
Now there is a new type of cryptocurrency that is backed by a value but not convertible or redeemable into that value. So that situation is like a real-world currency whereby the currency is related to an economy but not specific to anything in the economy. Well, one point is that the currency is not a security because a security would be an ownership deed to a specific value. A currency is simply its own bearer value and, again, valuable simply because it is related to an economy.
Does this new type of cryptocurrency work ? Well, no, not unless the related value is used to buy the cryptocurrency when it trades at a discount to the value. In other words a type of central bank is needed to support the cryptocurrency. Also, the related value needs to keep up with inflation
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Hah, where are all the haters of crypto/Bitcoin on this thread since the last 2 weeks? Hilarious. They have no idea what they are talking about besides regurgitating some kind of nonsense.
I don't get them either. To me, cryptocurrencies are sort of a modern day Confederate dollar. All is good as long as people believe it holds value but sooner or later there is a danger people may start to believe it is ultimately built on nothing.
One of the problems I see is what is there to stop new cryptocurrencies from popping up and taking away from the existing ones? What is to stop major banks, multi-national companies, maybe eventually even governments, from inventing their own coins? As new coins are made, including the latest fads, what happens to the value of the older coins?
Same can be said for the Brazil real; US dollar; Russian ruble; Chinese yuan.
Bitcoin runs in 4-year cycles. In each cycle, Bitcoin has risen massively followed by a 80-90% collapse before gradually covering. The current cycle so far is repeating the same pattern. In each cycle near the peak, many buy at the top and expect Bitcoin to go to the moon. In each cycle at or near the bottom, many predict the end of Bitcoin. Same story, different cycle.
It's what the great Congresswoman Alexandria Ocasio-Cortez would say...
They hate us because they want to date us.
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