Bitcoin Forum
September 26, 2020, 12:27:05 PM *
News: Latest Bitcoin Core release: 0.20.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 2 [3]  All
  Print  
Author Topic: Why are people running around saying Bitcoin is intangible / not backed?  (Read 5118 times)
glub0x
Legendary
*
Offline Offline

Activity: 878
Merit: 1004



View Profile
October 16, 2012, 11:47:31 PM
 #41

Gold is backed by Bitcoin because i will always buy 1 once of gold for 1 satoshi.
The question is not what back up bitcoin but what is backed by bitcoin.
Bitcoin is fundamental and backed by FAITH.

The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions

Satoshi Nakamoto : https://bitcoin.org/bitcoin.pdf
1601123225
Hero Member
*
Offline Offline

Posts: 1601123225

View Profile Personal Message (Offline)

Ignore
1601123225
Reply with quote  #2

1601123225
Report to moderator
1601123225
Hero Member
*
Offline Offline

Posts: 1601123225

View Profile Personal Message (Offline)

Ignore
1601123225
Reply with quote  #2

1601123225
Report to moderator
1601123225
Hero Member
*
Offline Offline

Posts: 1601123225

View Profile Personal Message (Offline)

Ignore
1601123225
Reply with quote  #2

1601123225
Report to moderator
AWARD-WINNING
CASINO
CRYPTO EXCLUSIVE
CLUBHOUSE
1500+
GAMES
2 MIN
CASH-OUTS
24/7
SUPPORT
100s OF
FREE SPINS
PLAY NOW
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1601123225
Hero Member
*
Offline Offline

Posts: 1601123225

View Profile Personal Message (Offline)

Ignore
1601123225
Reply with quote  #2

1601123225
Report to moderator
1601123225
Hero Member
*
Offline Offline

Posts: 1601123225

View Profile Personal Message (Offline)

Ignore
1601123225
Reply with quote  #2

1601123225
Report to moderator
1601123225
Hero Member
*
Offline Offline

Posts: 1601123225

View Profile Personal Message (Offline)

Ignore
1601123225
Reply with quote  #2

1601123225
Report to moderator
bitcoinbear
Hero Member
*****
Offline Offline

Activity: 518
Merit: 500


View Profile
October 17, 2012, 04:46:09 PM
Last edit: October 17, 2012, 05:06:25 PM by bitcoinbear
 #42

Gold is backed by Bitcoin because i will always buy 1 once of gold for 1 satoshi.
The question is not what back up bitcoin but what is backed by bitcoin.
Bitcoin is fundamental and backed by FAITH.

Taking total gold estimate from here, which is just an estimate, and using the total ever bitcoin amount of 21 million, there is about 0.004 bitcoins per.

If gold and bitcoin were backing each other (trading at that price, 4 mBTC per ounce gold) the price of bitcoins would be about 430 000 USD.

To say you will buy gold at 1 satoshi per ounce, you would need about 52 btc to back up the entire world supply of gold.

CryptoNote needs you! Join the elite merged mining forces right now here in Fantomcoin topic: https://bitcointalk.org/index.php?topic=598823.0
Pages: « 1 2 [3]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!