Simply buying gold with bitcoin is not backing up bitcoin with gold. Just like buying graphic card with bitcoin is not backing up bitcoin with...electronics or whatnot. Backin up Bitcoin with gold would be when every Bitcoin user would have to have certin amount of gold proportionaly large as amount of his Bitcoin which would make bitcoin "bill" for gold which i sooo not what Bitcoin is or should be.
Backing bitcoin with gould would eliminate any sort of wealth redisribution, mining and...well...it would not be bitcoin anymore.
Topic: The only way Bitcoin can be back by GOLD - page 2. (Read 1796 times)
In my opinion, I think the only way Bitcoin can be back by GOLD is when Gold stores allow customers to buy their gold using Bitcoin.
http://finance.yahoo.com/blogs/breakout/schiff--buy-gold-here--and-trade-me-bitcoin-for-it-155612329.html
Do you think it's a good idea to let customers buy Gold using Bitcoin?
The Gold must ship to the customers home.
Why or Why not?
http://finance.yahoo.com/blogs/breakout/schiff--buy-gold-here--and-trade-me-bitcoin-for-it-155612329.html
Do you think it's a good idea to let customers buy Gold using Bitcoin?
The Gold must ship to the customers home.
Why or Why not?
People have been buying gold and other precious metals for bitcoin for years on this very forum.
I don't understand why being able to purchase something with bitcoin equates to bitcoin being 'backed' by that item. Care to elaborate?
currently bitcoin is already backed by gold
gold can be purchased with bitcoin from amagimetals, coinabul, peterschiff's euro pacific metals, agora, etc..
gold can be purchased with bitcoin from amagimetals, coinabul, peterschiff's euro pacific metals, agora, etc..
Why would one limited-supply rare commodity need to be backed by another? Senseless. Both gold and Bitcoin are and will always be valuable.
Only worthless fiat scrip needs to be "backed" by something with actual value.
Only worthless fiat scrip needs to be "backed" by something with actual value.
sr. member
Activity: 448
Merit: 250
It's Money 2.0| It’s gold for nerds | It's Bitcoin
There are a lot of scams out there so buyer beware.
The more ways you can spend your bitcoin the most people will wish to (and actually) use bitcoin.
The more ways you can spend your bitcoin the most people will wish to (and actually) use bitcoin.
In my opinion, I think the only way Bitcoin can be back by GOLD is when Gold stores allow customers to buy their gold using Bitcoin.
http://finance.yahoo.com/blogs/breakout/schiff--buy-gold-here--and-trade-me-bitcoin-for-it-155612329.html
Do you think it's a good idea to let customers buy Gold using Bitcoin?
The Gold must ship to the customers home.
Why or Why not?
http://finance.yahoo.com/blogs/breakout/schiff--buy-gold-here--and-trade-me-bitcoin-for-it-155612329.html
Do you think it's a good idea to let customers buy Gold using Bitcoin?
The Gold must ship to the customers home.
Why or Why not?
but you can buy a gold stabs for bitcoins already ....
http://www.bitgild.com/
I dunno are those sites legit - I never bought any gold
so .. I am not an expert but I think it doesn't really matter ... and you will be able to buy everything for bitcoin very soon Regards.
edited: suspicious link removed
Bitcoin doesn't need to be backed by gold because bitcoins are limited in supply. The reason pieces of paper used to be backed with gold is because paper is not limited in supply.
^ This.
This new form of currency doesn't fit into the old currency paradigms. To try to force it into such paradigms is a waste.
bitcoin doesn't need to be backed by gold. Bitcoin is backed by the technology math
bitcoin doesn't need to be backed by gold. Bitcoin is backed by the technology
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
I don't want or need my bitcoins backed by gold.
To even suggest such a thing, is missing the point, IMO.
To even suggest such a thing, is missing the point, IMO.
Bitcoin doesn't need to be backed by gold because bitcoins are limited in supply. The reason pieces of paper used to be backed with gold is because paper is not limited in supply.
gold can't pay my amazon invoice ... 
In my opinion, I think the only way Bitcoin can be back by GOLD is when Gold stores allow customers to buy their gold using Bitcoin.
http://finance.yahoo.com/blogs/breakout/schiff--buy-gold-here--and-trade-me-bitcoin-for-it-155612329.html
Do you think it's a good idea to let customers buy Gold using Bitcoin?
The Gold must ship to the customers home.
Why or Why not?
http://finance.yahoo.com/blogs/breakout/schiff--buy-gold-here--and-trade-me-bitcoin-for-it-155612329.html
Do you think it's a good idea to let customers buy Gold using Bitcoin?
The Gold must ship to the customers home.
Why or Why not?
Jump to: