Post
Topic
Board Economics
Re: What is bitcoin backed by? My favorite answers
by
becoin
on 21/01/2013, 19:34:56 UTC
Gold can exist without Internet. Bitcoin can't.
Gold can exist without electricity. Bitcoin can't.
Gold can exist without humans. Bitcoin can't.
Gold doesn't depend on SHA 256 algorithm and how NSA breaks cryptographic algos. Bitcoin does.

"Value requires a valuer."  -J. Baird Callicott

"The concept ‘value’ is not a primary; it presupposes an answer to the question: of value to whom and for what?”  -Ayn Rand

Sure. But gold can exist even without a valuer. So, gold is more than just a value. Gold is money!