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There are so many stupid things in this thread. Quoting wikipedia like some kind of abirter of truth, semantic interpretation of backing, bitcoin being backed by math. Conceptual misunderstandings all over the goddamn place. What a mess.
How about this. I already defined what I believe can be considered "backing", semantically speaking: "Backing" is a term reserved for a guarantee by another party that something is of value, such as being exchangeable for another asset by that third party, or being insured in some other way (hence being guaranteed).
I may, however, be wrong and I want anyone who disagrees with me to please define "currency backing" so that we can get the semantics out of the way. you're using the term "backed" literally, and ignoring its less literal meaning... while what you're saying is basically true, the Euro and US Dollar are REGULATED by the government. Which is a form of backing.
What?? Since when is regulation = backing? Wait, cigarettes are regulated by governments, does that mean that cigarettes are backed by governments? The point people are making is that you are failing do recognise the different meanings of "backing" as in 1)underwriting and 2) being in favour of. As for "currency backing"....well now you're just moving the goalposts. |
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Agreed. The last thing we need now is for Bitcoin to develop a reputation as the payment medium of scumbags (not that I mean to apply this term to any specific individual).
We really need to see some high-profile, mainstream businesses and charities embrace Bitcoin. One problem right now is that, at current growth rates in price, one would be a fool to spend the stuff.
One would be a fool not to. If you can't bring yourself to spend any of your stash, then buy BTC with fiat to spend on specific things you want to purchase. Also - buy a little extra, and add it to your stash: every time you want something that's offered for sale in bitcoin. I look forward to when the price tops out, so that we can get down to the real business of doing real business.
If you have a way to figure out when the price tops out, would you please PM me and share?Haha....no, don't share just PM me....lol |
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I agree with some of your points about counterfeiting and underwriting but the topic title is "What to say against the claim "backed by the state/bank"." Why do you think we should claim that bitcoin isn't backed by a state/bank?
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Depends on what you mean by backed. Is it redeemable for a fixed amount of gold or silver irrespective of exchange rate to fiat money....probably not. Do some governments want it to succeed....who knows?
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The more I think about bitcoin the more I think that governments (or the people that control them) are behind it (that's not to say that they control it, just that I'm starting to think that they want it to succeed). Best to be in it either way IMHO.
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This is nothing new or unexpected. From a government's point of view, bitcoin is just another asset to be taxed and regulated.
And it could also be a way for them (or those that control them) to bring in a cashless society and a one world currency. I saw an article today on Sky News about bitcoin suggesting it was a way of "fighting governments and banks". A sure sign that they are behind it IMO (a bit like wikileaks (I mean if he was giving away classified information why tell people where to find it?)). Whether their behind it or not I think it's a mistake not to be in it. |
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Is your conjecture based on the premise that governments are not behind bitcoin?
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Of course Kilo, Mega and Giga (Satoshi) can be replaced with thousand, million and billion repsectively.
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Use Satoshi's with the familiar "computer" prefixes Kilo (K), Mega (M), Giga (G) etc.
The point is not to appeal just to the techy mind - in which case you're absolutely right - but to take it out to the currency using masses. We should try to put ourselves in the shoes of our customers. I agree. There is no easy solution. It is easier to use Kilo, Mega, Giga (and increasingly so as computer uptake increases) than milli, micro and nano though is my main point. |
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Use Satoshi's with the familiar "computer" prefixes Kilo (K), Mega (M), Giga (G) etc.
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7 hours  |
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I've read that the majority of money on deposit in Cypriot banks is Russian money from ex Soviet Union.
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If central banks move to negative interest rates and high street banks start charging people for "looking after" their money then it can only be good for bitcoin.
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