Quote from: dinofelis on March 07, 2017, 12:06:37 PM

Your (eternal) error is to think that monetary assets HAVE TO be backed by something.

I don't think I've stated or implied that ever.

I've always said that Bitcoin is an unbacked asset and that that's its value basis - same as precious metals, diamonds, whatever.

The point about backed vs unbacked is that in a so called bearer token or "bearer instrument" there is not a distinct definition of ownership and possession. Assets which are "backed" therefore specifically trade ownership and are consequently subject to privacy/security priorities where obfuscation is appropriate since they only manifest in a record-keeping context.

The "IOU" tokens you trade on an exchange are such backed (contractual money). The blockchain tokens are not.

(Anyway. Now is not exactly the best time in history to be entrusting one's life's savings to a layer of encryption Wink

).

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