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> I heard a suggestion for a gold-backed digital currency once. I think you fell for a joke.

• fat0wl 13y ago
  Think about it man, if the Bitcoin delusion ends it is worth nothing. In a gold-backed online currency if it failed the users could just be beneficiaries of the trust. I'm not saying this is the ideal solution because I think maybe a completely fiat digital currency COULD work, just not with the Bitcoin scheme. And I'm not saying Bitcoin can't work in the long-run. I'm saying it's not working NOW. It is not performing its intended function... unless that intended function is as a volatile speculator market.
  • VMG 13y ago
    You don't understand the point of Bitcoin. There can't be a decentralized digital currency that is backed by real-world assets. Who guarantees that you're Egoldcoin is worth an ounce of gold?
    • fat0wl 13y ago
      Eh I shouldn't have even bothered with this argument because look... I wouldn't give a s__t about "eGold" either. (Credit Cards || Google Wallet) > All this junk The only reason I bothered with the gold argument is because Bitcoin's volatility is its downfall. If it were pegged to a real-world asset this would essentially be solved. But credit cards already do this -- they are pegged to bank accounts.