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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 th
by 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 agoYou 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 agoEh 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.