Post
Topic
Board Economics
Re: "Backing" - what does this actually MEAN?
by
Rassah
on 16/12/2013, 17:21:25 UTC
Backing= guarantee of future exchange value

BC, needs a guarantee of its future exchange value.

As it has none, it cant be money.

Obviously you mean guarantee by a central authority. That's not going to happen ever because bitcoin don't wants that to happen.
You see bitcoin with fiat currency standards thats why you can't understand basic things.

What would porc say to a central authority issuing a currency backed by bitcoin, where the central authority makes a guarantee that you can exchange their currency for a BTC in the future?