> The number #1 requirement for a currency is trust and confidence in it. Why would anyone trust a currency which has no consumer protection whatsoever and prov

> The number #1 requirement for a currency is trust and confidence in it. Why would anyone trust a currency which has no consumer protection whatsoever and provides zero recourse for when things inevitably go wrong? Well, yes, I agree that paper money has these problems, but over time, in spite of many uncertainties, and in spite of occasional manipulation of paper money's value by the owners of the printing presses ... oh, wait, you're talking about Bitcoin, not folding money. My mistake. > A currency requires backing by a central authority. Are you serious? Dollars don't have this property. The only thing that gives paper money authority and value is public faith and trust -- there is no "backing", in the way you're using the term. If a freely elected administration decided to manipulate the currency for some political objective, they could fatally undermine it. It's a matter of political discretion: http://2012patriot.files.wordpress.com/2011/08/inflation-1.jpg http://2012patriot.files.wordpress.com/2011/08/inflation-1.j...