Quote from: Impaler on December 08, 2013, 06:46:27 AM

So your arguing that throwing away all protection of fraud and theft, AND all backing to get slightly better counterfeit protection will actually give a stronger store-of-value.

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So your trying to throw the power of the nation-state out the window and just looking at a Dollar as a piece of printed paper?

No, I was not saying that at all. The power of a nation state is a strong criteria to consider for stores of value, yet it is not the only one.

If you think the only possible stores of value are backed currencies then your definition is at odds with any reasonable one. Alternative stores of value (anything from precious metals, to fine art, to wine) are neither inherently secure nor backed by anything - but they do benefit from, and are conditioned on, the presence of a legal system that protects ownership rights - i.e. the power of the nation state, as you said. BTC is an effort to devise a store of value that is not conditioned on external legal protections - and I agree with you that this attempt is not successful - at least not yet.

I agree that a desirable feature of a good store of value is long term price stability - and some of these alternative SOV have been just that.