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4. Gold backed? We're past the 70's, man, there are no gold backed currencies in heavy use now. l3rn 2 fiat. Joking aside, more technically, the value of all cu

4. Gold backed? We're past the 70's, man, there are no gold backed currencies in heavy use now. l3rn 2 fiat. Joking aside, more technically, the value of all currencies are in the faith of its' users that it holds value. (Yes, the circular reasoning is the point.) "no country who will support it" is a feature. Many users of Bitcoin are deeply mistrustful of the government's ability to manage money, and making it distributed literally puts all the power into the hands of the people.

atmosx 12y ago
No, I'm not joking. Gold remains the only asset people will trust their money on at a time of war and the only asset which could create a new currency[1] successfully, if needed. Comparing gold which has a 3000+ year history at currency backing to a 5 year old experiment is a little bit hard for me. > Many users of Bitcoin are deeply mistrustful of the government's ability to manage money, and making it distributed literally puts all the power into the hands of the people. Here: http://www.convalesco.org/blog/2014/02/11/on-the-matter-of-bitcoin/#44 http://www.convalesco.org/blog/2014/02/11/on-the-matter-of-b... [1] http://moneymorning.com/2013/01/29/why-germany-wants-its-gold-back/ http://moneymorning.com/2013/01/29/why-germany-wants-its-gol...