Posted on 12/04/2013 8:43:19 PM PST by Nachum
Really?? Backed by something?? Did this jerk really say this? You mean backed by something like the US Dollar??
What a tool.
BitCoin does have a base value,
the cost of the electrical power to generate the BitCoin
the cost of electricity to generate a block is $6.84 USD
Backing, not value. In a metallic system each dollar represented the promise to pay a certain amount of gold or silver. The US Dollar represents nothing except itself. It has lost over 95% of its value since we went off the Gold standard. The Dollar holds what value it has because of its rarity but there is nothing stopping the government from printing as many as they wish.
BTW, the claim that the U.S. has never defaulted is untrue. We defaulted when FDR reneged on the promised value of redemption in Gold by redefining the standard and again when we went off that standard completely.
Bitcoin ain’t worth a Continental.
Nowadays currency is anything that the people decide they want it to be.
Can Greenspan please tell us what the US dollar is backed with?It’s sure not the faith and credit of the US government that borrows like a drunken sailor 24/7!
Well, what is gold backed by?
It’s a very nice material to look at, but it isn’t industrially all that useful, and other than being bling, it doesn’t materially make your life better...but, it’s just SCARCE AND DESIRABLE. IMO, platinum, much rarer and much more industrially useful, should be worth 10x what gold is worth, at least...but it doesn’t look as nice (not really much different that silver or titanium, much cheaper and more common) and it isn’t as “famous”.
I read several years ago that National Semiconductor, in it’s heyday of making billions of integrated circuits a year, used less than 12 troy ounces (<1 pound) of gold a in a year. MANY years ago when gold was $35/oz, the electronics industry was much freer with it. When it got expensive, they found substitutes/other methods of connectivity that were almost as good, and in some cases, better.
“The US Dollar is backed by a kick-@ss military.”
Very true. When there is trouble in the world, the dollar always goes up.
One thing I don’t understand about Bitcoin, is...what if a new mathematical algorithm or unexpected technology can suddenly make a lot of them cheap? The very nature of the math dictates that to be “not impossible”.
It would be great if the fed could cough up Germanys gold these days.
So, Alan ole boy— WHAT is backing the Federal Reserve Note (private bank) US Dollar. Your answer: the full faith and credit of the United States. It certainly isn’t backed by gold or silver. Most likely is “dollarized” with petroleum crude oil.
Bitcoins may soon be the backdoor way China gets to put the yuan as the world reserve currency, since they are trading heavily in bitcoin from what is observed.
The Red Coats were too. I can tell you all the way from Afghanistan, we do not know how to win anymore. This is a defeated Army. Technology only takes you so far. Poor leadership kills your kick-@ss military.
Given who leads said military, precarious and unbalanced may be understatements.
Can’t the entire bitcoin gold Knox just be deleted or maybe just turn off the main power switch? Its like “second life” or world of Warcraft money. Meaningless and valueless unless you can sucker someone into giving it value like selling fairy dust on Ebay.
bit ping
Well, what is gold backed by?
Sellers of real estate have always been willing to trade for gold too.
You may not understand why gold has value, but it always had, and always will.
Full faith and credit?
Which is why the Obama administration is working overtime to diminish it. Can't go full commie if there's still someone capable of fighting back!
A Continental in good condition would bring high bids from some collectors.
90% of Bitcoin transactions occur on one major gambling site.
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