Quote from: 5grainsilver on June 19, 2011, 01:33:59 AM

Backing btc requires a central organization to implement, which defeats the purpose of btc.

Quote from: vector76 on June 19, 2011, 01:41:11 AM

The problem I see is making it decentralized. With a single choke point a government can shut the whole thing down, which defeats the purpose.

Quote from: Jaime Frontero on June 19, 2011, 02:52:52 AM

which decentralized entity would do this? oh wait. you?

Quote from: hugolp on June 19, 2011, 05:37:23 AM

1. Backing Bitcoin would require a central authority and being decentralized is one of the key characterisitcs of Bitcoin. Without decentralization Bitcoin would loose value, not gain it.

Quote from: GideonGono on June 19, 2011, 01:37:03 PM

While I am sympathetic to ideas of wanting to "back" btc with something, it is impossible to do without some degree of centralization which is unacceptable...

I am under the impression that a team of open source developers already have the ability to modify the Bitcoin code to make the small coding changes necessary to implement my backing proposal, and if this is correct, then the central authority is bad argument can't be used against my proposal to modify Bitcoin because the central authority necessary to enact my changes already exists.