Carra23
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April 23, 2014, 10:30:36 PM |
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Is it possible for a fiat currency to backed by Bitcoin?
Very very very possible. I'm not quite sure on the details, but if you listen to Let's Talk Bitcoin episode 99, Adam Back and Austin Hill talk about the sidechain project. One of the points they make is the possibility for Bitcoin backed fiat. Highly recommended. Episode 99. http://letstalkbitcoin.com/episodes/#.U1a5R-ZdUhwThese are all far fetched concepts right now. Sidechains are certainly not far fetched. Fiat backed by Bitcoin could be considered far fetched. But the possibility is becoming a reality. I think you are too optimistic, but we will see. |
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NationOwnedCCNow (OP)
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April 23, 2014, 10:46:55 PM |
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It's not even far fetched, what the fuuuuuuuuk are you guys talking about. You think a Group of unpaid unbacked individuals can create Bitcoin and all sort of altcoins etc but nobody believes a government can? Haha.. You are all very Close minded for being Bitcoin believers I can tell you that. Any government could basically pick up Bitcoin as it is and hijack the Whole thing. You People understand how little 6 billion USD is when we are talking about nation states currencies?  |
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designfail
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April 23, 2014, 10:54:43 PM |
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Is it possible for a fiat currency to backed by Bitcoin?
Very very very possible. How about Zimbabwe?. They have huge issues with their official currency. I've bought their 1Trillion dollars note as a souvenir. |
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Bitcopia
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April 23, 2014, 11:00:24 PM |
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Sidechains are certainly not far fetched. Fiat backed by Bitcoin could be considered far fetched. But the possibility is becoming a reality.
I think you are too optimistic, but we will see. I'm saying that the sidechain project will in theory create a workable option (a possibility) for a nation state to do so. I'm NOT saying that any state is likely to want to back their currency with Bitcoin. TLDR: It's becoming a possibility, not a probability. |
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TERA
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April 23, 2014, 11:06:11 PM |
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What kind of news is this?? There are no actual recent events or developments occurring - it is just the author's description of bitcoin. I already know what Bitcoin is. And what does this thread have to do with gold? |
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MatTheCat
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April 23, 2014, 11:15:34 PM |
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What kind of news is this?? There are no actual recent events or developments occurring - it is just the author's description of bitcoin. I already know what Bitcoin is. And what does this thread have to do with gold? Please keep your rational thinking out of this thread if you don't mind. This is a thread strictly for Bitcoin Nutters to delude themselves into panic buying right before another pronounced down-turn. |
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YipYip
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April 24, 2014, 12:28:47 AM |
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What kind of news is this?? There are no actual recent events or developments occurring - it is just the author's description of bitcoin. I already know what Bitcoin is. And what does this thread have to do with gold? Please keep your rational thinking out of this thread if you don't mind. This is a thread strictly for Bitcoin Nutters to delude themselves into panic buying right before another pronounced down-turn. I gotta agree with captain negative on this one .... lolz I really dont think you tin-foil hat types have got 1btc btw the lot of you and therefore need to stop smoking crack Russia is soooo not touching bitcoin ATM |
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TrollboxChamp
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April 24, 2014, 02:23:32 AM |
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You guys are all missing the point! Bitcoin is a ploy created by russia to drop the price of gold so they can buy it up and create the new gold standard!   |
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Tx2000
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April 24, 2014, 02:38:09 AM |
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Seriously, I love bitcoin but some people need to stop smoking the crack.
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4mherewego
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April 24, 2014, 05:39:13 AM |
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Is it possible for a fiat currency to backed by Bitcoin?
Yes. I promise I will pay $1 for 21.01M bitcoins. Now dollar is backed by bitcoins. |
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southerngentuk
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April 24, 2014, 08:45:54 AM
Last edit: April 24, 2014, 09:25:48 AM by southerngentuk |
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Title is bullcr@p, Artic is $hit ur a mad bunch, BUT This brings an interesting thought on side chains. Remove bitcoins from the chain, Print notes with a scratch panel for the private key (of the side change).Bitcoin Fondation or DIY Banks of Bitcoin produce or distribute notes to outlets (shops ext.) Anyone with the side change on there client can reintroduce the notes back (from side chain) into Bitcoin.Bitcoin with the characteristics of paper. and Welcome back China  Edit: On reflection this can already be done now But this could be useful for Fiat to obtain backing from Bitcoin. i.e. $1 is backed by 1 Satoshi, If the Gov needs to print more, they have to buy more BTC If there $$ get blown up they are still worth 1 Satoshi |
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NationOwnedCCNow (OP)
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April 24, 2014, 08:57:09 AM |
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Yes. I promise I will pay $1 for 21.01M bitcoins. Now dollar is backed by bitcoins. I'm pretty sure you got it upsde Down inside out there bro. Now you backed Bitcoin With USD, not USD With Bitcoin. Title is bullcr@p, Artic is $hit ur a mad bunch, BUT This brings an interesting thought on side chains. Remove bitcoins from the chain, Print notes with a scratch panel for the private key (of the side change). Bitcoin Fondation or DIY Banks of Bitcoin produce or distribute notes to outlets (shops ext.) Anyone with the side change on there client can reintroduce the notes back (from side chain) into Bitcoin. Bitcoin with the characteristics of paper. and Welcome back China Welcome back from what? China is king already, they are already making the move from being an exporter to the USA and EU to being an importer from developing countries. And their New BRICS reserve currency will replace IMF and Worldbank. It's already written and signed. China is nr 1 NeXT year, have no doubt about that. |
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Bru
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April 24, 2014, 09:14:23 AM |
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I also read those articles on RT this morning. From 10 articles, 3 were about bitcoin, and I said to myself What's your angle?. And you read more about BTC on RT than on bbc cnn etc. Why would rt advertise bitcoin ?
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southerngentuk
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April 24, 2014, 09:26:52 AM |
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Edited my post above due to stupidity |
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NationOwnedCCNow (OP)
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April 24, 2014, 10:13:39 AM |
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I also read those articles on RT this morning. From 10 articles, 3 were about bitcoin, and I said to myself What's your angle?. And you read more about BTC on RT than on bbc cnn etc. Why would rt advertise bitcoin ?
Thank you for asking. In my own stupidity I thought more People would understand this. Instead of asking though they just dig their head in the sand and bash around. RT is promoting the use of BTC for westerners. They want US and Euro Citizens to know about it so that they can flee into it when the sht hits the fan With Our economy. At the same time though, if US don't leave the door open they gonna have millions of People revolting when they see their USD losing value rapidly. |
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southerngentuk
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April 24, 2014, 10:41:44 AM |
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I do admit, it is curious why RT should promote BTC , am sure there is an angle.
There is so much at play these days that its hard to get the real game plan - see ZH for a few ideas this last week.
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MatTheCat
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April 24, 2014, 10:58:00 AM
Last edit: April 24, 2014, 11:13:03 AM by MatTheCat |
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I do admit, it is curious why RT should promote BTC , am sure there is an angle.
There is so much at play these days that its hard to get the real game plan - see ZH for a few ideas this last week.
Consider the fact that Putin isn't sitting on the RT editorial team advising and checking over ever single story that some young RT journalist puts out there. RT's job is to promote anti-establishment and anti-imperialist ideas amongst the populations of the Western speaking world. Bitcoin has been popularly viewed since almost its inception has been fitting fodder for the, bullets, beans, gold n guns crowd. This throw-away piece of journalism which is merely stating the opinion of some 'expert' (Bitcoin Nutter) changes nothing regarding Russia's attitude towards Bitcoin within it's own financial system. |
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T.Stuart
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April 24, 2014, 11:02:19 AM |
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... the opinion of some 'expert' (Bitcoin Nutter) ...
Hey Mat, Just out of interest, what generic term would you apply to people of your disposition? I mean, you go on about Bitcoin Nutter, the Man, etc. What would you class yourself as? (No more than 2 words please)  |
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pandacoin
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April 24, 2014, 11:05:33 AM |
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I don't really understand the correlation of subject and news. It's just an opinion of somebody.
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MatTheCat
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April 24, 2014, 11:15:27 AM |
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Just out of interest, what generic term would you apply to people of your disposition? I mean, you go on about Bitcoin Nutter, the Man, etc. What would you class yourself as? (No more than 2 words please)
'Silver Sucker'. I have drank the Kool Aid (Silver Stacker's Kool Aid) I know it's dangers, and I won't drink it ever again, regardless of what flavour it is. |
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