Topic: Re-visit the question: What is bitcoin's value backed by? - page 5. (Read 9149 times)
The ultimate value of bitcoin is the bitcoin payment system. If you have 1000 mBTC, you have the right to send someone 1000 mBTC.
Still arguing about that ?
D r u g s
D r u g s
It blows my mind that no one seems to understand that its the hashing HARDWARE backing bitcoin.
If everyone stopped mining today, how much would bitcoin be worth?
If everyone stopped mining today, how much would bitcoin be worth?
Backing generally means that the currency is redeemable on demand for a specific quantity of the backing asset.
I might more readily say the price is supported by the mining, and supported by the desire.
Though mining hardware is generally priced in BTC, the prices are not static.
It blows my mind that no one seems to understand that its the hashing HARDWARE backing bitcoin.
If everyone stopped mining today, how much would bitcoin be worth?
If everyone stopped mining today, how much would bitcoin be worth?
It's valuation in USD is backed by the willingness of USD holders to continually exchange USD for newly minted Bitcoins.
If people ever stop or even slowdown in their buying then the valuation falls, it's as simple as that.
If people ever stop or even slowdown in their buying then the valuation falls, it's as simple as that.
Short Answer:
Backed by "the block chain"
Long answer(s):
http://www.runtogold.com/2012/12/during-2012-fiat-currencies-and-gold-collapse-against-bitcoin/
and
https://docs.google.com/document/d/18MCw4nuKZ9rZpXMFfh_lypJQVNbJwzVAg2Us5IaR-XM/edit
-Technologov
Backed by "the block chain"
Long answer(s):
http://www.runtogold.com/2012/12/during-2012-fiat-currencies-and-gold-collapse-against-bitcoin/
and
https://docs.google.com/document/d/18MCw4nuKZ9rZpXMFfh_lypJQVNbJwzVAg2Us5IaR-XM/edit
-Technologov
YES. I can't understand why this is a mystery to most bitcoiners
Short Answer:
Backed by "the block chain"
Long answer(s):
http://www.runtogold.com/2012/12/during-2012-fiat-currencies-and-gold-collapse-against-bitcoin/
and
https://docs.google.com/document/d/18MCw4nuKZ9rZpXMFfh_lypJQVNbJwzVAg2Us5IaR-XM/edit
-Technologov
Backed by "the block chain"
Long answer(s):
http://www.runtogold.com/2012/12/during-2012-fiat-currencies-and-gold-collapse-against-bitcoin/
and
https://docs.google.com/document/d/18MCw4nuKZ9rZpXMFfh_lypJQVNbJwzVAg2Us5IaR-XM/edit
-Technologov
Value, to its root is decided by the desire. A sustainable and fast price appreciation definitely will call out the biggest desire inside every human 
HARDWARE
bitcoin is backed into a corner at the local prison shower area as bernanke and his friends enter the premises.
Bernanke is a prison thug? Who knew?
Gold is the "backing". It is different. Is the difference not obvious?
Bitcoin has an exchange value. It has value based on the value folks give it, what they will exchange for it, but it is not a thing on its own.
Gold is a thing, substantial, with elemental properties. Perhaps the difference is less subtle when you walk away from your computer.
Bitcoin has an exchange value. It has value based on the value folks give it, what they will exchange for it, but it is not a thing on its own.
Gold is a thing, substantial, with elemental properties. Perhaps the difference is less subtle when you walk away from your computer.
OK then by that rationale, what is the US dollar backed by? Do you think it is a thing, substantial, with elemental properties? The US dollar is a mostly digital currency already today. It is backed by....well....it's simply worth something because the US government says it is. The paper that dollars floating around are made from are worth as much as the value of wiping your ass with them...not much. Likewise, gold has some utility for use in jewelry and sometimes expensive electronics but it's value as a commodity is far less than what it is trading for right now.
FRN Dollars is an unbacked fiat currency.
Do not mistake the idea of a currency being unbacked with it being valueless.
For a bit of history, the US used to have a backed currency, redeemable for gold and silver. When the Federal Reserve was misbegotten, it did the wondrous thing of creating these Federal Reserve Notes that looked almost exactly like the silver and gold backed notes, and they circulated side by side in the biggest con game of the 20th century.
The biggest and most substantial difference between Bitcoin and the US Dollar is not the fact that you can hold one in your hand and not the other, it is the fact that one's supply is controlled by a single entity with ultimate power while the other's supply is limited and controlled by no one.
We agree on this. (Though I might swap "ultimate power" with "the claim on the monopoly of the right to kill within its geography" the two are close enough)
bitcoin is backed into a corner at the local prison shower area as bernanke and his friends enter the premises.
The definitive answer: Nothing, it is unbacked.
Heh, I'll back it.
One ounce of silver for every bitcoin. I have my 21,000,000 ounces here. Redemption on demand.
Ha, that's the point!
I think actually everyone who did a little bit research on bitcoin will back it with their own labour/wealth, since it is transparently generated and have fixed limited supply, you know how much exactly it will cost you to back the system
No one dares to back a fiat currency with their labour/products, since you never know how much more fiat the central banks will print and the fact that they could buy everything from you with printed money just sounds ridiculous
One ounce of silver for every bitcoin. I have my 21,000,000 ounces here. Redemption on demand.
http://newlibertydollar.com/
^^^^^^^^^^^^^^^^^^
my bad I don't see any photograohs there especially of 21,000,000 ounces of silver like you said!
What is gold's value backed by? Utility. Bitcoin is no different. What if everyone stops using bitcoin? Who cares. What if everyone stops using gold?
lmao have you ever hears of the rainmaker?
The definitive answer: Nothing, it is unbacked.
Heh, I'll back it.
One ounce of silver for every bitcoin. I have my 21,000,000 ounces here. Redemption on demand.
Pics are in the link in my sig.
But, as it happens, since I have been asked to do so, I will be announcing a new silver and gold set designed uniquely to appeal to the Bitcoin community.
Many elements of the new piece were suggested by some members here, and along with our expert numismatic designers, we will have a piece (hopefully in time for delivery to retailers before the 5th anniversary of the Satoshi White Paper in Oct).
Fiat is backed by the power of the government. Bitcoins are backed by nothing.
Just like bitcoin, the value of fiat is not backed by government, it is backed by a consensus. Government can not give you anything in return if you bring fiat to government, you can only pay tax with fiat
Requiring tax be paid in a currency creates a demand for that currency.
The definitive answer: Nothing, it is unbacked.
Heh, I'll back it.
One ounce of silver for every bitcoin. I have my 21,000,000 ounces here. Redemption on demand.
pics?
Gold is the "backing". It is different. Is the difference not obvious?
Bitcoin has an exchange value. It has value based on the value folks give it, what they will exchange for it, but it is not a thing on its own.
Gold is a thing, substantial, with elemental properties. Perhaps the difference is less subtle when you walk away from your computer.
Bitcoin has an exchange value. It has value based on the value folks give it, what they will exchange for it, but it is not a thing on its own.
Gold is a thing, substantial, with elemental properties. Perhaps the difference is less subtle when you walk away from your computer.
OK then by that rationale, what is the US dollar backed by? Do you think it is a thing, substantial, with elemental properties? The US dollar is a mostly digital currency already today. It is backed by....well....it's simply worth something because the US government says it is. The paper that dollars floating around are made from are worth as much as the value of wiping your ass with them...not much. Likewise, gold has some utility for use in jewelry and sometimes expensive electronics but it's value as a commodity is far less than what it is trading for right now. The biggest and most substantial difference between Bitcoin and the US Dollar is not the fact that you can hold one in your hand and not the other, it is the fact that one's supply is controlled by a single entity with ultimate power while the other's supply is limited and controlled by no one.
What is gold's value backed by? Utility. Bitcoin is no different. What if everyone stops using bitcoin? Who cares. What if everyone stops using gold?
Gold is the "backing". It is different. Is the difference not obvious?Bitcoin has an exchange value. It has value based on the value folks give it, what they will exchange for it, but it is not a thing on its own.
Gold is a thing, substantial, with elemental properties. Perhaps the difference is less subtle when you walk away from your computer.
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