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Yes, I know where to get precious metals.
You stated "most other currency is attached to some kind of limited resource or asset such as gold"
Please provide a list of these "most...currency".
It is not my duty to provide you with lists of anything. If you want a list, then you should look on the internet for it.
I would suggest that you list some currencies that dont belong on the list that you are looking for.
(I know your game. Almost trolling.)
It is amazing how ignorant some of the youngsters of today are about the history of money.
silk road investment. LOOOOL
I wonder what Bitcoins true value is actually attached to. For example, most other currency is attached to some kind of limited resource or asset such as gold. I also wonder how you can put a true value on any item which has been acquired by using Bitcoins. I mean, if Bitcoins are generated by running an algorithm, isnt that some kind of fraud or theft, since they will in effect be displacing or devaluating the dollar.
I find it funny that others ask you to provide sources, of which you never do, then you go on to say that they are trolling, when they really aren't.
He wasn't trolling, he asked you a legitimate question, fyi.
When you make a statement which is questionable, then others ask you for some sources to backup what you are saying, you should provide them with the sources; that isn't an unreasonable thing to do.
Why is it everyone who questions your opinions, you think of as a troll?
Questioning /= troll
I'm really not trying to pick on you, I really am trying to be serious about this, because what you are doing to him, is the exact same thing you did to me in the PS4 thread.
Quite the contrary, my game is education. The sad fact that few folks find themselves able to believe is that NO MAJOR WORLD CURRENCY is tied to any hard asset, and has not been for some decades.
The United States dollar, the de-facto world reserve currency, is backed by "the full faith and credit" of the United States government.
I am frankly getting sick and tired of the comments crying that bitcoin is valueless because it is not "backed" by anything when NO modern currency is backed by anything.
If people decide that beads, bells, bottle caps or bitcoins have value then they have value. It really is as simple as that. I have mined bitcoins, exchanged those for USD, purchased beer, and drank the beer. Personally I need no further proof.
Bitcoin is "backed" by a networked encryption effort that is by far the most powerful computational human achievement to date.
You are distorting things again. I never accused you of trolling until you started making a case about me personally.
This other person is Almost trolling because instead of looking for the list, they challenged me personally to do it. His accomplice made a snide remark.
You were also to lazy to look on the internet for proof. You are also now trolling.
The list is about half way down the page of this:
http://en.wikipedia.org/wiki/Gold_reserves
Idiot.
Dumbass.
Genius!
Moron
Child murderer.
How much tracability and protection is there with bitcoins? I mean obviously there's heavy encryption, but what about in the case of user error? Is there insurance against that?
Also, how liquid is it?
Even a casino, which makes use of chips to represent money, will have to have the equivalent money to back the value of the chips. That money will then in turn be back-linked to some other item such as gold. That gold can linked to exchange for something else. The integrity of the link of exchange is infinite.
With Bitcoin, there is a broken link, or non existent attachment, to any item of representation. I mean, you cannot have someone start up a casino and just make billions of dollars worth of plastic chips when they dont actually have any money (or something). Can you?
I know that you can have shares, but their value must also be accountable. There are laws.
I wonder what Bitcoins true value is actually attached to. For example, most other currency is attached to some kind of limited resource or asset such as gold. I also wonder how you can put a true value on any item which has been acquired by using Bitcoins. I mean, if Bitcoins are generated by running an algorithm, isnt that some kind of fraud or theft, since they will in effect be displacing or devaluating the dollar.
It is not my duty to provide you with lists of anything. If you want a list, then you should look on the internet for it.
I would suggest that you list some currencies that dont belong on the list that you are looking for.
(I know your game. Almost trolling.)
The US dollar for one? Unless you consider the Federal Reserve a "limited resource or asset". Personally I consider it more of a liability.
Bitcoins is not attached according to the rules of monetary exchange. For it to function as true money, its value has to be set at the point of exchange. It has to effectively replace that other currency.
You see, when you create a new currency, say the Euro, it is completely worthless until it is issued (by the banking authority). It is issued when it is exchanged for say the French Franc (at the legally agreed exchange rate mechanism). The corresponding French Franc has to be destroyed or disabled. Anything else is illegal.
Like with physics, with financial accounts money cannot (legally) be created or destroyed. Every action force has an opposite reaction force. Therefore Bitcoins, at best, can only be considered as a commodity, operation at a similar logic to the Pyramid scheme. http://en.wikipedia.org/wiki/Pyramid_scheme
While the Federal Reserve system has its weaknesses, and there isnt enough gold there now to cover the currency (because not Gold standard anymore.), at least the accounting system will allow you to know what the deficit is.