OK. Back to basics then, anyone?
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https://web.archive.org/web/20100327210623/http://www.bitcoin.org:80/faq"... What is Gapcoins value backed by?
Gapcoin is valued for the things it can be exchanged to, just like all the traditional paper currencies are.
When the first user publicly announces that he will make a pizza for anyone who gives him enough Gapcoins, ...
I'll offer my hillbilly philosophical view on that.
Fiat has, as one of its main purposes, the managing of scarcity, trying to channel resources in a way that herds desperate people scratching for more resources.
Bitcoin has some improvements over fiat but does not actually produce anything, so even if its users are more progressive it still falls back to the fiat goal of managing scarcity.
Gapcoin and the other math and science coins though do actually produce a commodity through their use.
So even if it isn't apparent yet, coins like gapcoin will eventually be backed by the value of what they produce.
All that is left is for people to accurately value what coins produce, and then evaluate how what gapcoin, for example, produces compares to what a pizzeria or other group produces.