I don't think Bitcoin is doing particularly well as a currency, but can you name one currency that will not go down in value if people stop believing in it?
Yes. The key realization is all forms of wealth preservation are the same. We value things because other people value them (once we have our basic needs met).
that's a strawman of the parent comment's argument. and yes, if enough people believe something, it takes on real significance. e.g. enough people believe in the full faith and credit of the US Gov that backs their printed paper with numbers on it, so it takes on real significance.
I don't think Bitcoin is doing particularly well as a currency, but can you name one currency that will not go down in value if people stop believing in it?
Yes. The key realization is all forms of wealth preservation are the same. We value things because other people value them (once we have our basic needs met).
that's a strawman of the parent comment's argument. and yes, if enough people believe something, it takes on real significance. e.g. enough people believe in the full faith and credit of the US Gov that backs their printed paper with numbers on it, so it takes on real significance.