
The US dollar technically isn’t backed by anything either
No, it is. it’s not “hard backed” by X dollars to Y grams of gold, but it absolutely is backed in the sense that McDonalds (and hundreds of other companies) does it’s accounting in USD and will continue to do so for the foreseeable future and doesn’t expect wild fluctuations in ingredient prices or wages and wants to prevent those from fluctuating, because when that happens, their business math gets harder.
You can go outside the door with 100$ in your pocket, vanish for 3 months, come back and it’ll still be usable to buy food, a hotel room or a transportation ticket.






No I was trying to explain what bitcoin lacks in terms of backing, in comparison to “traditional” currencies. We don’t “need” need the dollar or euro or whatever. Dollar in particular is in for a rough ride.