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> Whether you back your money with energy, cryptography, flowers, or seashells, you can never control all the other factors, and thus your currency will fluctat
by dualogy 14y ago
> Whether you back your money with energy, cryptography, flowers, or seashells, you can never control all the other factors, and thus your currency will fluctate.
Indeed! And before long, people will want to lend and borrow BTC once usage expands beyond the current early-adopter "hard money" crowd. That's just human nature and is OK on a small scale. But then BTC IOUs may start to circulate. Then some new-fangled "BTC Goldman-Madoff" figures out ingenious ways to "make your BTC work for you, let us do the IOU magic of fractional reserves for you. Just don't all attempt to cash in your chips at the same time, which you won't given the incredible growth in IOU 'returns' (not hard BTC but hey, by now one is as good as the other in the minds of most) we can deliver for a few decades".
Bam, here we go again?