SandRidge Bankruptcy

Reading about a recent Bitcoin exchange that was hacked, without asking anyone the exchange spread the loss to those who had bitcoin deposited and the exchange gave each depositor a token for the amount taken which if the value of the "currency" grows enough supposedly the token will be redeemable. Other exchanges have failed and depositors of their bitcoin have been waiting on the courts to get any of their bitcoin back.

Since the US dollar is backed by nothing, it is in the same boat. The IRS "lost" 2 billion dollars that were earmarked to update their computers? How does one lose 2 billion dollars without a trace? It never really existed. Just as Bitcoin never really existed. Both supposed counters of worth only have value if we agree they have value and I'm starting to become agnostic on that subject.

My disclaimer is this is just an observation.