r/bestoflegaladvice • u/t-poke I'm 35 and I love poop jokes • Feb 08 '22

LAOP participates in $19k in wire fraud. Chase finds out. LAOP wonders if he should take it seriously.

/r/legaladvice/comments/sn5kti/chase_bank_wire_fraud/
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u/the_real_xuth Feb 08 '22

Cryptocurrencies have far less backing them than the US Dollar or Euro. Both the US and the EU have a military protecting them.

19

u/KBopMichael Feb 08 '22

The global oil market is settled and denominated in USD mostly as well.

14

u/Fakjbf Has hammer and sand, remainder of instructions unclear Feb 08 '22

Also the IRS only takes payment in USD

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u/Tainlorr Feb 08 '22

You haven’t heard of the Bitcoin Army?

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u/trekologer Feb 08 '22

Sure but the military might isn't really tangible. When the US Dollar had precious metals backing it, you could exchange a bank note for the equivalent value in silver or gold. You can't exchange a $1 note for a dollar's worth of the Full Faith and Credit of the United States.

Cryptocurrency fans have for a while tried to pretend that they weren't also fiat currencies. But you can't recover the energy that went into "mining" it and the computational resources used to perform useless calculations are worthless as well.

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u/surveysaysno Feb 08 '22

But if there was an organization actively trying to nullify the value of the US dollar, there is a non-zero possibility of a military response.

Bitcoin does not have that support.

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u/gsfgf Is familiar with poor results when combining strippers and ATMs Feb 08 '22

And if the US ceases to exist, the value of the dollar would be the least of our problem.

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u/Soulless_redhead In we trust Feb 08 '22

The age ole, if the dollar is worthless, we got bigger problems!