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A comment on The first Bitcoin post on HN. Parent comment

Re:The first Bitcoin post on HN by philwelch on Tuesday November 19, 2013 @02:22PM (#6763680)
By that reasoning, I can convert my USD into donuts, and hence the USD is backed by donuts, hence the term "dollars to donuts".
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Re:The first Bitcoin post on HN by moocowduckquack on Tuesday November 19, 2013 @02:44PM (#6763854)
Well, it is partly backed by donuts, along with any other commodities or instruments of value that it can be easily exchanged with.
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Re:The first Bitcoin post on HN by philwelch on Tuesday November 19, 2013 @03:30PM (#6764208)
Which really puts the lie to the idea of currency being "backed by" a scarce resource at all, which is the main premise of goldbugs. I'm totally okay saying that a currency is backed by the entire economy of goods being exchanged for it myself.
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