Technology

59099 readers

3195 users here now

This is a most excellent place for technology news and articles.

Our Rules

Follow the lemmy.world rules.
Only tech related content.
Be excellent to each another!
Mod approved content bots can post up to 10 articles per day.
Threads asking for personal tech support may be deleted.
Politics threads may be removed.
No memes allowed as posts, OK to post as comments.
Only approved bots from the list below, to ask if your bot can be added please contact us.
Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago

MODERATORS

356

Generative AI hype is ending – and now the technology might actually become useful (theconversation.com)

submitted 2 months ago by Ilandar@aussie.zone to c/technology@lemmy.world

105 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] cucumberbob@programming.dev 1 points 2 months ago (1 children)

What do you mean by “backed” here? I think I’m misunderstanding but I thought (and a short google seems to confirm) that currency A being backed by currency B means the value of A is fixed at a certain amount of currency B, and there is some organisation “backing” this with reserves.

Not trying to shill/defend crypto, just confused on terminology :)

[–] EldritchFeminity@lemmy.blahaj.zone 2 points 2 months ago

I mean that crypto currencies are essentially the same as stocks. They have no worth on their own, and their value is tied to converting them to other currencies.

And this conversion rate fluctuates constantly. What one bitcoin is worth today is not what it will be worth tomorrow. In order to buy something with a crypto currency, companies have to first check how much it's worth in fiat currency.