Should bitcoin be backed by something like bullion?

[lazyfellaw]

XNF-NoFiatCoin is a digital currency backed by bullion which can be redeemed at anytime. Should bitcoin also be backed by bullion in future so that it can attract more and more people?

[Birdy]

Backing it means there has to be someone who backs it.
That means that you have to trust that someone and that there has to be some sort of gain for the someone who does the backing so he does his job.
This creates the very problems that Bitcoin tries to solve, so it isn't a good idea.

[MakeBelieve]

Backing it means there has to be someone who backs it.
That means that you have to trust that someone and that there has to be some sort of gain for the someone who does the backing so he does his job.
This creates the very problems that Bitcoin tries to solve, so it isn't a good idea.

Very well said I agree to it would become centeralised rather than decenteralised.

[h3rlihy]

Well no it's already backed... by us miners...

[meanig]

E-Gold already tried that and it ended in tears 

[cr1776]

This needs to be a FAQ.

[guybrushthreepwood]

XNF-NoFiatCoin is a digital currency backed by bullion which can be redeemed at anytime. Should bitcoin also be backed by bullion in future so that it can attract more and more people?

So how does this work exactly? Who is holding all the bullion?

[Gabi]

In no one we trust.

[Lethn]

E-Gold already tried that and it ended in tears  

Yep, the problem with trying to back a currency with precious metal is that you have to centralise in order to do it and that goes against the whole Bitcoin system, you would inevitably have some kind of central bank or government which would not necessarily work towards the benefit of the people rather than following a strict set of logic and it would be incredibly easy for someone like the U.S Government to shut it down. Maybe, maybe when we finally see an end to the empire building going on from countries and the constant invasions we could possibly see something like this happening, but currently it just doesn't seem possible to me, you would also have to see a massive shift in economic thought for it to happen because too many people have been brainwashed from an early age to believe in paper money.

Cryptocurrencies may not be the end game in the future when it comes to currencies in general but they'll certainly be an excellent safeguard against government corruption.

[Ibian]

Not even gonna vote because there is a bigger issue: How do you propose to enforce this?

[BitDreams]

The backing I want is: we value our words, our contracts, our commitments, our surplus and our agreements all sealed in mathematics instead. That to me would be worth more than all the gold one could ever offer. That is why I voted no. Also I have local coin shops where I live and am not likely to want to transfer gold that I wasn't wearing internationally.

[empoweoqwj]

XNF-NoFiatCoin is a digital currency backed by bullion which can be redeemed at anytime. Should bitcoin also be backed by bullion in future so that it can attract more and more people?

Bitcoin is already backed by "the network". But you knew that already. You just wanted to promote your coin right?

[coinpharmer]

XNF-NoFiatCoin is a digital currency backed by bullion which can be redeemed at anytime. Should bitcoin also be backed by bullion in future so that it can attract more and more people?

it is backed by its purchasing power... amagi metals backs it with there whole range of metals. you can also redeem your bitcoin for crap at overstock etc

[empoweoqwj]

XNF-NoFiatCoin is a digital currency backed by bullion which can be redeemed at anytime. Should bitcoin also be backed by bullion in future so that it can attract more and more people?

it is backed by its purchasing power... amagi metals backs it with there whole range of metals. you can also redeem your bitcoin for crap at overstock etc

Yep, overstock, tigerdirect, soon newegg, and many more online retailers in 2014. Your "coin", good luck in selling some. Try ebay.

[Tzupy]

Bitcoin is backed by greed based on hype. Backing it with something tangible (a lot more than the fiat on the exchanges) would be impossible at current prices.

[Ibian]

Perhaps the most brilliant part of bitcoin is the incentives. Yes, people are greedy. Yes, people like to make easy money. Satoshi had a good understanding of the human psyche. This is not a negative thing, it is the very foundation of bitcoin. It wouldn't work otherwise. Satoshi bet on reality.

[Sonny]

XNF-NoFiatCoin is a digital currency backed by bullion which can be redeemed at anytime. Should bitcoin also be backed by bullion in future so that it can attract more and more people?

Bitcoin is already backed by "the network". But you knew that already. You just wanted to promote your coin right?

Shhhhhhh......It is the sole purpose for creating that account....

[HeliKopterBen]

Should bullion be backed by something like bitcoin?

[yatsey87]

XNF-NoFiatCoin is a digital currency backed by bullion which can be redeemed at anytime. Should bitcoin also be backed by bullion in future so that it can attract more and more people?

Bitcoin is already backed by "the network". But you knew that already. You just wanted to promote your coin right?

Shhhhhhh......It is the sole purpose for creating that account....

lol. Are they really calling it NoFiatCoin?

I don't think Bitcoin should be backed up by anything other than the miners and the people that use it.

[guybrushthreepwood]

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