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Bitcoin Forum > Economy > Economics > Lack of hard asset backing for bitcoin a problem? Witness QQ coins.
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ShadowOfHarbringer
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January 06, 2011, 11:29:39 PM
 #21
Quote from: Vinnie on January 06, 2011, 11:22:27 PM
Quote from: ShadowOfHarbringer on January 06, 2011, 11:20:41 PM

OK, but gold is not also backed by anything itself.
So what ?


Agreed! Gold also is not "backed" by anything and so what? I am just arguing that bitcoins are also not backed and should be valued at their market price.

OK, actually we're both right, this discussion is pointless.

How did this start ? Ah, i said that bitcoins are "backed". Well, wrong choice of words. I should have said that they are valued at their market price like a commodity.
Mea culpa Wink
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Vinnie
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January 07, 2011, 05:25:32 AM
 #22
Quote from: ShadowOfHarbringer on January 06, 2011, 11:29:39 PM
Quote from: Vinnie on January 06, 2011, 11:22:27 PM
Quote from: ShadowOfHarbringer on January 06, 2011, 11:20:41 PM

OK, but gold is not also backed by anything itself.
So what ?


Agreed! Gold also is not "backed" by anything and so what? I am just arguing that bitcoins are also not backed and should be valued at their market price.

OK, actually we're both right, this discussion is pointless.

How did this start ? Ah, i said that bitcoins are "backed". Well, wrong choice of words. I should have said that they are valued at their market price like a commodity.
Mea culpa Wink

No problemo Smiley
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