This is a theoretical argument for how I think a digital currency COULD come about. This is not an argument that that people would/should want something like this. It is not an argument for whether or not I think it is the most ideal type of currency. I’m simply pointing out, to the digital cowboys …

Dictionary.com has a definition that is in line with the way I use the word, but I am open to other suggestions: something that is used as a medium of exchange

What exactly in my summary are you confused about?

Your post used the word currency throughout and using the definition I provided, the logic doesn’t follow through in my opinion. If you share my definition I can point out where I disagree with your original post. If you are using a different definition, then your original post may logically hold fo…

There are two reasons why you would want a currency to be backed by a physical asset: To protect your wealth from inflation. To protect your wealth from the loss of confidence in the currency. There are two reasons why you would lose confidence in a currency: Fear of your money being fra…

My thought is that it is glaringly obvious that you have no more than superficial understanding of how Bitcoin works. Who flocks to Bitcoin? The people who understand it. “I won’t explain to you the details here but instead expect you to do your homework.”

Response here . Look you guys are frustrated because someone disagrees with you. Lets keep the BTC stuff on the BTC thread . If you guys have a legitimate critique of a commidity backed digital currency I am all ears.

Consider the number of things that Stocks are already used for as collateral. For example stocks are frequently used as compensation for labor, in addition to salary. This is further evidence that such a concept is more likely. This practice seems to be on the rise.

What you left out in your definition is the “Generally accepted” part. Not only is this included in most definitions of standard english dictionaries, it’s actually included as point 2,3, AND 4 on dictionary.com . Isn’t it very odd that you decided to ignore that? Here is the whole thing for those …

Dear filc, not to spoil your enjoyment from picking on “digital cowboys”, but you seem to assume that bitcoins have no advantage over gold (or other commodity), while having a lot of shortcomings. Try to transfer gold remotely AND anonymously.

A feasible digital currency

Economics Economics Questions

filc April 4, 2011, 10:38pm 8

My response here.

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A feasible digital currency

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