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Nah. It's backed by cash and cash equivalents mate.

Yea, they back the value through the crypto they buy using part of what they minted. It’s a brilliant strategy that can never fail because crypto fundamentally can only go up…

So in other words, long term, it's backed by toilet paper.

I think that kind of paper wouldn't make for a very comfortable ass wiping so no - lacking the utility of TP.

The toilet paper is backed by nuclear weapons and the world's most offensively-capable Navy and Air Force (arguably no longer the world's largest Navy so I clarified the metrics).

Can’t put my finger on why that backing seems dubious. Didn’t I read about a smackdown somewhere recently done by some ragtag dudes with Kalashnikovs? Talibsomething.

You mean the country where half the population might starve this winter because the only money they have is frozen in our banks?

https://acaa.org.uk/blog/frozen-assets-and-freezing-temperat...

The threat of devastation works better on countries that aren't already completely devastated by decades of internecine conflict anyway. It also works better against the non-theocratic adversaries that are legitimately concerned for their own corporeal wellbeing (Qaddafi, Saddam, KJU, Assad).

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