cryptocurrency

[AzzarTheGod]

Originally Posted by Qtip [You must be logged in to view images. Log in or Register.]

LOL. Silkroad was the only site pushing the bitcoin.

i was asked what backs the currency by an economist. he pointed out that USD is backed by the ability to pay taxes, and formerly before the Federal Reserve made it unnecessary it was backed by gold.

I said well its backed by the price per kilo. theres an established marketplace and bitcoin as long as its alive will forever be backed by the market rate of a material good, price per kilo of X Y Z. As long as there is an exchange where you can trade for this gold, you will have a basement price of bitcoin that is secure.

basically, bitcoin was launched off this standard the same way the USD/other currency was launched off of the petro dollar/gold standard.