Re:Bitcoin implodes: 90% down from June Peak
by gnaritas on Tuesday October 18, 2011 @02:30PM
(#3126411)
> Most of the world's currencies don't have backing these days.
Not true. They have the backing of their government's tax payers. Backing doesn't need to be a hard asset like gold, it can merely be the full faith and credit of said government.
> Also for the record the only reason backing is important at all is because backing means there's a finite amount of currency that can be created.
Again, not true; backing is important because you want to know your money is safe, not because it's impossible or difficult to inflate.
Not true. They have the backing of their government's tax payers. Backing doesn't need to be a hard asset like gold, it can merely be the full faith and credit of said government.
> Also for the record the only reason backing is important at all is because backing means there's a finite amount of currency that can be created.
Again, not true; backing is important because you want to know your money is safe, not because it's impossible or difficult to inflate.