Quote from: Ibian on December 08, 2013, 11:55:18 AM

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

no backing

You keep saying that. It's just not how reality works. Bitcoin is backed by consensus among every bitcoin holder that it is worth investing fiat in. By the will of the people. The strength of the network and the lack of centralization is what allows us to enforce this will upon those who would take it down. In contrast, fiat is backed by states that confiscate peoples fiat at will.

Practical application trumps abstract theory every time.

Impaler was absolutely wrong about security of Bitcoin adding nothing to its strength as a store of value for rather evident reasons which I have shown (it works the same way as taxes and legalization of money do), but this doesn't make your argument more valid. What you say here is a consequence of the factors that back up Bitcoin, but this is not what gives it strength or backs it up by itself. In fact, I have already explained this in one of my previous posts in this thread...