At the end of the day, for better or worse, the US dollar is backed by the US military. Virtual coins are backed by the greater fool.

What a strange toss-up.

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11 hours ago | parent | next [-]

[deleted]

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anukin 11 hours ago | parent | prev | next [-]

Usdc is backed by US dollar denominated treasuries for most major issuers.

	▲	bandrami 6 hours ago \| parent \| next [-]
		It's broadly agreed that hasn't been the case for a while now, but that at the moment it's better for everybody if we pretend it still is
	▲	Hamuko 8 hours ago \| parent \| prev [-]
		Is there actually any proof of this or is it Tether-tier magic money?

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Onavo 11 hours ago | parent | prev | next [-]

But the stable coins are also backed by the US military. All major USD stablecoins have sanctions mechanisms baked into their smart contract.

See for yourself the blacklist features

https://github.com/circlefin/stablecoin-evm/tree/master/scri...

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zx8080 7 hours ago | parent | prev [-]

> US dollar is backed by the US military.

No, it's not. It's not possible to come to the US soldiers with a bunch of US dollars and some demands and get what's demanded in return for the dollars.

Only trust of the other market participants backs the US dollar.

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direwolf20 4 hours ago | parent [-]

It's the other way around. If you don't trade in dollars, the military comes and demands that you do.

	▲	RealityVoid 2 hours ago \| parent [-]
		Is the peso backed by the Mexican government? Because I'm afraid of all these militaries coming and knocking down my door to use their money.