i propose backing Bitcoin with:
AssCoins!
i mean, as long as you're going to be pulling stuff out of it...
but it is still possible to "back" bitcoins by giving each bitcoin a guaranteed minimum value
which decentralized entity would do this? oh wait. you?
but I would have the other portion auctioned off with the proceeds going towards backing bitcoins
let me guess - by the government?
In the total bitcoins over time graph, bitcoins are currently being created at a rate of 2,625,000 per year.
well, no.
The guarantee part of the backing could take the form of an open buy order by this mtgox account at the guaranteed bitcoin backing amount which is calculated by taking the total amount of value in the bitcoin backing fund and dividing by the current total number of bitcoins.
and who would be...
ah, never mind. i'm bored now.