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Meuh6879
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Activity: 1512
Merit: 1011
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June 02, 2014, 09:08:12 PM |
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gold can't pay my amazon invoice ...  |
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shawshankinmate37927
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June 02, 2014, 09:11:45 PM |
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Bitcoin doesn't need to be backed by gold because bitcoins are limited in supply. The reason pieces of paper used to be backed with gold is because paper is not limited in supply.
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"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." - Henry Ford
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jonald_fyookball
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Core dev leaves me neg feedback #abuse #political
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June 02, 2014, 09:13:08 PM |
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I don't want or need my bitcoins backed by gold.
To even suggest such a thing, is missing the point, IMO.
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zimmah
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Merit: 1005
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June 02, 2014, 09:38:17 PM |
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bitcoin doesn't need to be backed by gold. Bitcoin is backed by the technology
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franky1
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June 02, 2014, 09:43:34 PM |
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bitcoin doesn't need to be backed by gold. Bitcoin is backed by the technology math
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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Ron~Popeil
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June 02, 2014, 10:41:14 PM |
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This new form of currency doesn't fit into the old currency paradigms. To try to force it into such paradigms is a waste.
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Melbustus
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June 02, 2014, 10:42:47 PM |
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Bitcoin doesn't need to be backed by gold because bitcoins are limited in supply. The reason pieces of paper used to be backed with gold is because paper is not limited in supply.
^ This. </thread> |
Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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roslinpl
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Merit: 1199
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June 02, 2014, 10:53:45 PM
Last edit: June 02, 2014, 11:11:22 PM by roslinpl |
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but you can buy a gold stabs for bitcoins already .... http://www.bitgild.com/I dunno are those sites legit - I never bought any gold  so .. I am not an expert but I think it doesn't really matter ... and you will be able to buy everything for bitcoin very soon Regards. edited: suspicious link removed |
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ShakyhandsBTCer
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Activity: 448
Merit: 250
It's Money 2.0| It’s gold for nerds | It's Bitcoin
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June 13, 2014, 12:53:35 AM |
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There are a lot of scams out there so buyer beware.
The more ways you can spend your bitcoin the most people will wish to (and actually) use bitcoin.
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Beliathon
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June 13, 2014, 01:22:24 AM |
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Why would one limited-supply rare commodity need to be backed by another? Senseless. Both gold and Bitcoin are and will always be valuable.
Only worthless fiat scrip needs to be "backed" by something with actual value.
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waldox
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June 13, 2014, 06:54:55 PM |
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currently bitcoin is already backed by gold
gold can be purchased with bitcoin from amagimetals, coinabul, peterschiff's euro pacific metals, agora, etc..
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Este Nuno
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amarha
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June 13, 2014, 08:05:17 PM |
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People have been buying gold and other precious metals for bitcoin for years on this very forum. I don't understand why being able to purchase something with bitcoin equates to bitcoin being 'backed' by that item. Care to elaborate? |
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ljudotina
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June 13, 2014, 08:12:07 PM |
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Simply buying gold with bitcoin is not backing up bitcoin with gold. Just like buying graphic card with bitcoin is not backing up bitcoin with...electronics or whatnot. Backin up Bitcoin with gold would be when every Bitcoin user would have to have certin amount of gold proportionaly large as amount of his Bitcoin which would make bitcoin "bill" for gold which i sooo not what Bitcoin is or should be.
Backing bitcoin with gould would eliminate any sort of wealth redisribution, mining and...well...it would not be bitcoin anymore.
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haploid23
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Activity: 812
Merit: 1002
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June 13, 2014, 08:29:24 PM |
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I think the only way Bitcoin can be back by GOLD is when Gold stores allow customers to buy their gold using Bitcoin.
This makes no sense at all. When you "buy" gold for bitcoins, you're not backing it, but rather exchanging one for the other. Both are limited in supply, so there is no need to back one with the other. |
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ShakyhandsBTCer
Sr. Member
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Activity: 448
Merit: 250
It's Money 2.0| It’s gold for nerds | It's Bitcoin
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June 13, 2014, 10:00:48 PM |
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I think the only way Bitcoin can be back by GOLD is when Gold stores allow customers to buy their gold using Bitcoin.
This makes no sense at all. When you "buy" gold for bitcoins, you're not backing it, but rather exchanging one for the other. Both are limited in supply, so there is no need to back one with the other. I think the title and the OP are saying two conflicting arguments. |
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moriartybitcoin
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June 13, 2014, 10:12:09 PM |
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gold is a fantastic value store (MUCH better than Bitcoin) but no good at all as a currency ...
Bitcoin is a terrible value store (too volatile) but a fantastic currency.
I keep most of my assets in gold (80%) and the rest in BTC .. which I am prepared to lose, if it goes down.
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jubalix
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Activity: 2618
Merit: 1022
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June 13, 2014, 11:05:19 PM |
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bitcoin is way more backed than gold because of the amount of banking infrastructure it replaces alone. Gold has no such use case, until you can make gold invisible, easily divisible without a system of weights and teleport it.
In any event Gold is completely manipulated/at the whim of central govs because they can confiscate it illegal any time an their is little you can do. No so BTC.
I just don't know how Goldbugs can't see this?
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Bibop
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June 13, 2014, 11:10:36 PM |
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Why customer needs gold in his home?
in real life you don't need the real thing.
you just need his VALUE.
unless you know how to work with gold.. you cant do anything with it. exactly like the beginning of Bitcoin
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ShakyhandsBTCer
Sr. Member
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Activity: 448
Merit: 250
It's Money 2.0| It’s gold for nerds | It's Bitcoin
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June 14, 2014, 01:49:09 AM |
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gold is a fantastic value store (MUCH better than Bitcoin) but no good at all as a currency ...
Bitcoin is a terrible value store (too volatile) but a fantastic currency.
I keep most of my assets in gold (80%) and the rest in BTC .. which I am prepared to lose, if it goes down.
Gold is probably the best investment if you think inflation will be high over the period you plan on holding it. |
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