Quote:
Originally Posted by ilnjscb
The base of all currency is gold. Civilizations have risen, dominated, expanded, collapsed, and died thousands of times and through it all gold has been the constant. Every real currency has to have a direct or one step indirect link to a real medium of exchange.
If bitcoin has a real rate, do yourself a favor and post it against 10 major currencies, then, have a list of every vendor that accepts it directly.
You dont seem to understand that Bitcoin is already a currency already in use
As for mining, one does not mine dollars or any other currency based on precious metals or based by governments with reserves. Bitcoin has no intrinsic value, so creating them in a manner not linked to a reserve currency only verifies the appearance of valuelessness or random valuation.
There are examples of "found" e-currency, such as MMPORG currencies, and one site (as MFC) instruments, but they all have a pretty clear peg to a backed currency.
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The USD isn't backed by shit, just like Bitcoin. You can use both currencies to trade for products, you can also exchange both currencies into other currencies.
I think mining is way better than to let the goverment buy money (backed by nothing) from federal reserve (which works like a private company) that they just printed.
They seem to do a pisspoor job considering the inflation of the USD.
Bitcoin got a "controlled" inflation system which will generate bitcoins until it reach the limit. After the limit is hit, not a single bitcoin can be generated. The Bitcoins is made all over the network, not one single person get all of them.