Post
Topic
Board Bitcoin Discussion
Re: Bitcoin to be pegged to gold
by
jbreher
on 29/09/2014, 01:21:09 UTC
as for trust of value. you DO NOT need to rely on consensus of a fixed fiat price for the whole world, you do not need to rely on a central government department of statistics.. everyone knows what a fair wage looks like in their area, and they can all work out a fair price for bitcoin for their area.

No, this is patently unworkable. You say that everyone knows what a fair wage looks like in their area. Even if this were true (which it is most assuredly not), each one of these persons would have a different figure in mind.