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Author Topic: What to say against the claim "backed by the state/bank"  (Read 2124 times)
Timon2010
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March 31, 2013, 04:49:11 PM
 #21

Bitcoin is backed by trust in a large functioning network system.

lonelyminer (Peter Šurda)
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March 31, 2013, 05:58:59 PM
 #22

Backed by the state = the state can take it away whenever they want.
Backed by the banks = the banks can take it away whenever they want.

That's all you need to know.
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March 31, 2013, 07:51:12 PM
 #23

Backed by the state = the state can take it away whenever they want.
Backed by the banks = the banks can take it away whenever they want.

That's all you need to know.
+1

This is a great response.... It is best to emphasize this idea...Bitcoin is backed by the only person who can take yours away: you.

Hardforks aren't that hard. It’s getting others to use them that's hard.
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March 31, 2013, 08:11:55 PM
 #24

Simply point out that regardless of how the dollar is backed, it is has lost 95% of its value since the Fed was created. Whatever the backing may be, it has not been very effective.

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March 31, 2013, 08:24:04 PM
 #25

I would say that Bitcoin is backed by all the users of Bitcoin wallets who all will claim and have proof that you have a certain amount of money.

In the end, all money is based upon trust. The decentralized nature of Bitcoin means that you can share your trust between multiple people who are all  keeping each other in line. This in contrast to centralized systems where you will have to put your trust in only one entity(person/company/government) that will be able to do what they wish with a certain valuta.

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March 31, 2013, 10:13:26 PM
 #26

Also, notice how the meaning of the word "backed" has changed. The meaning of "backed" had to change because now that the gold standard is gone, the dollar is no longer "backed" by anything under the old definition of "backed". No government would be willing to say their money is "backed" by nothing, so they had to change the meaning.

When the U.S. was on the gold standard, the dollar was "backed" by gold. That meant that the dollar represents and can be exchanged for a fixed amount of gold.

Now, the dollar is "backed" by (depending on who you ask) the U.S. economy, the U.S. military power, the ability of the U.S. to tax its citizens, or the full faith and credit of the U.S. Government. Now, it means that the dollar is supported by or defended by something, as in "Don't worry, bro. I've got your back."

Of course, as I pointed out earlier, the new meaning of "backed" is just as fictitious as the backing itself.


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March 31, 2013, 10:43:26 PM
 #27

I dont think it would be hard to argue, legitimately, that if bitcoin is backed by anything, it IS math.
What the hell do you think SHA256 is? Reading Comprehension (haha i guess it is sorta)? Woodshop? Nope, Its definitely math.   Huh
Additionally, I think it is safe to say that the state is backing a currency if they are allowing debts to be paid using it.

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