Thread: BitCoin
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Old 06-28-2011, 03:18 PM   #30
VettezukiVettezuki is offline
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Quote:
Originally Posted by Kozak View Post
I just wanna say to all the people with the "if it's free to make how does it hold value" mentality: Ask the federal reserve, they've been doing it since 19...seventy...something. Look at the back of your USD currency, that shit is legal tender, it holds no actual value.
What? The full faith and credit of the United States isn't good enough for you?

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." - Henry Ford

What people really don't understand is that CB Fiat money is a kind debt instrument. It is fundamentally different than a commodity money (i.e., real money). BitCoin is a unique case because it is Fiat but there is no central anything and there is no arbitrary human control of supply, so while not commodity backed itself, it resembles far more in common with a commodity backed money and total free banking than any major existing currency. Which is why governments hate it.
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