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    How The Qualities Of Bitcoin Baffle Nocoiners

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    This is an opinion editorial by Rowdy Yates, a former Marine and practicing lawyer.

    What’s It Backed By?

    One of the most common criticisms from nocoiners remains, “But bitcoin isn’t backed by anything.” This criticism targets bitcoin’s dearth of a quality that I term “correlated-redeemability.” The most common rejoinder to this criticism is, “Your U.S. dollar isn’t backed by anything either.” The problem with this factually correct response is that it misses a deeper point. The deeper point is that while bitcoin lacks one traditional quality of hard money (correlated-redeemability), it possesses the primary but less visible quality of hard money: autonomy. This article is meant to explore the scope of autonomy, how it came to be overshadowed by correlated-redeemability and the relative value of these historically tandem qualities of hard currencies.

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