i don't think all the commotion is because bitcoin is not backed by something like gold! it is always about the fact that bitcoin is decentralized and somewhat untraceable and i have seen from what the government statements suggest, that one of the main issues is always about taxes and the fact that the way bitcoin is, makes taxing it pretty hard for them.
so i think even if you could find a way to back bitcoin with something, it still wouldn't change anything!
Topic: Would governments be less aversive of bitcoin if it were backed by gold? (Read 117 times)
December 05, 2017, 12:58:32 PM
December 05, 2017, 12:54:47 PM
if it was backed by gold then the value would be relative to gold too just like tether
the government won't like anything that it can't be controlled , even if it was backed by gold since it allows people to move their money freely
so the whole crypto concept doesn't suit governments IMO
the government won't like anything that it can't be controlled , even if it was backed by gold since it allows people to move their money freely
so the whole crypto concept doesn't suit governments IMO
December 05, 2017, 12:51:06 PM
I think the main issue that the governments have is that bitcoin is not controlled by a central entity, and it's anonymous. Meaning, the government has no idea who has how much money. Bitcoin being backed by gold wouldn't change this fact. As a side effect, this would actually stop the bitcoin price from skyrocketing, because when you implement the gold standard you are backing your currency with a precious metal but you are also limiting the maximum value your currency can have.
December 05, 2017, 12:46:25 PM
I may get ridiculed for asking this, but, if bitcoin was gold-backed or backed by anything tangible that produces value, then maybe governments wouldn't be so aversive of its use?
If, for example, bitcoin gets backed by gold, or platinum, or oil, how would it affect bitcoin price? (Believe me, while typing this up, I feel like my question sounds dumber with every character typed.... can one commodity be backed by another
. )
I believe that bitcoin can stand alone as a very valuable commodity/currency because I believe that data is valuable. But not everyone can see that or understand that idea.
The gold standard has been been ditched by many countries but many people still don't seem to realize that bank notes now are just backed by promises and goodwill.... most still believe that banknotes are not just paper because its value is tied to a precious metal reserve. sadly, government leaders, bankers, and businessmen influencing people's perceptions want to keep it that way -- so as to keep the majority from breaking out of poverty?
If, for example, bitcoin gets backed by gold, or platinum, or oil, how would it affect bitcoin price? (Believe me, while typing this up, I feel like my question sounds dumber with every character typed.... can one commodity be backed by another
. )I believe that bitcoin can stand alone as a very valuable commodity/currency because I believe that data is valuable. But not everyone can see that or understand that idea.
The gold standard has been been ditched by many countries but many people still don't seem to realize that bank notes now are just backed by promises and goodwill.... most still believe that banknotes are not just paper because its value is tied to a precious metal reserve. sadly, government leaders, bankers, and businessmen influencing people's perceptions want to keep it that way -- so as to keep the majority from breaking out of poverty?
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