max keiser is a character

I'm not very wise as to how bitcoin works exactly but I've always thought currency should have some actual backing for it to be able to work. I suppose something I would be look for would be closer to E-Gold or the other cold currencies where it is centralized. Decentralization would occur when you had many different companies or banks holding the gold for you. What I'd really like to see is what would happen if all government fiat currencies were abolished. What do you think would pop up as money? If history was an indicator it would have to be gold or silver, correct?

I suppose I need to do more research on bitcoins. Right now it is just something that has caught my interest.

What are your thoughts on an alternative to bitcoin that actually has something behind it? It would offer the same security and privacy as bitcoin but it wouldn't have the flaws of paper money.