Your money, at the root of it, is backed by nothing but abstract concepts, exactly like any cryptocurrency.
And your money is valuable, simply because nations invested in their own currencies deem them so, point of fact. I also did not insist Bitcoin (or cryptocurrencies) are “free from government interference” in any way, although they certainly are more resilient against certain types of interference.
All you have said, so far, can be summed up as, “My money is more popular than your money; nyaah!” Sorry, not even remotely convincing. Point of fact, traditional currencies can be similarly volatile; would you like to discuss the North Korean won, for example? Now, this doesn’t make won (or Bitcoin) a good investment, but that’s a different ball o’ wax entirely.
Do I think cryptocurrencies are some sort of “panacea”? No, and I never implied otherwise. But yes, if your money is “worth something”, then Bitcoin is, as well; you CAN buy products, services, and even other types of currency with it. Any attempt to argue otherwise will fall to empirical fact.
The simple fact is, governments hate cryptocurrencies because they’re difficult to control reliably in any way and cannot be easily taxed or traced. If you get rid of all the FUD and hyperbole, there’s really no other reasons they can present, at least to date. And that’s a problem; “offshoring” of accounts is rampant in every country, not just the US, and cryptocurrencies can let you “offshore” money without using an external storage site. As long as you carefully select where to exchange for “real” money (back and forth), there’s not much anyone can do, without outlawing cryptocurrencies entirely. And that is pretty much unenforceable; it’s not like you can ban hashes, themselves, and exchanges exist worldwide o.o’…
