Quote from: Impaler on December 07, 2013, 07:39:36 PM

Quote from: Ibian on December 07, 2013, 07:01:25 PM

Quote from: Impaler on December 07, 2013, 06:58:45 PM

Quote from: Ibian on December 07, 2013, 06:52:33 PM

We each hold our own coins. Not some bank. Anyone who lets others handle their money these days, especially governments or banks, are fools and deserve what they get.

Then go tell everyone to stop trading on Mt.Gox and all other exchanges, they are doing exactly that, holding other peoples coins. Now would you PLEASE address my point on Backing vs Security.

Sure. Government backing is not secure.

Edit: Not even being flippant. This time. It really isn't.

Ok, a real response (albeit far too brief, forcing me to guess at your actual meaning), it sounds like your admitting that BTC is un-backed, but are arguing government backing is so poor that it is equivalent to no backing at all. If that's your position then I think that's absurd, government backing even if it is not perfect is far superior to what BTC has.

If your a Gold-bug and define backing only as PEGGING to precious metal then sure that ceased a generation ago. But the other two huge factors I pointed out, Legal-Tender status and payment of Taxes are not remotely in doubt and no one can make an argument for how thouse backings are going to go away. Even in a government default, it is the BONDS of a government which are not payed, the state continues to enforce legal-tender laws and continues to accept payment of taxes in it's national currency. BTC dose not have any chance of attaining these two qualities and will continue to be un-backed.

I don't CARE for your definition of backing. It's not important. I can buy stuff from private people with bitcoins if they are willing to accept them, and for anything else I can simply exchange them to fiat. It doesn't matter.