Should bitcoin be backed by something like bullion?

[johnyj]

It is already backed by anything that anyone are willing to give to exchange, including bullion

[1715302570]

1715302570

[1715302570]

1715302570

[1715302570]

1715302570

[1715302570]

1715302570

[1715302570]

1715302570

[igorr]

Why it ?

I do not want give 1 usd for 1 BTC.

[empoweoqwj]

I still don't get how this would work. Have the devs bought the gold or what?

lol. That would imply an altcoin developer investing themselves, rather than trying to scam the community out of start-up money 

[delphic]

Bullion should be backed by Bitcoin. Gold should merely be a physical token showing that the holder is entitled to cash it in for a stash of bitcoins. 

[Mr. Socko]

 unless it's a 100% backing meaning one coin equals one ounce of whatever, it's meaningless... as meaningless as an ETF that says it has the physical metal or a kitco pool account that claims to have the metals.. you are basically centralizing the currency to a single organization that way, if that's your style.

The value of a currency is the goods it purchases and the faith people have in it, not necessarily what's backing it. In essence it's backing is the goods it purchases, plain and simple, and the good faith of the people who accept it.

Don't keep all your eggs in one basket.