So, I always, always want to admit when I am wrong. Otherwise, I - TopicsExpress



          

So, I always, always want to admit when I am wrong. Otherwise, I look like a moron, and who wants that? Not I. In my Bitcoin lecture with Jeffrey Tucker at FreedomFest, I said that Bitcoin was backed with the commodity-like, tradable services of the miners upon whom it depends for every transaction. Upon speaking more with my friend and Bitcoin expert Mattheus von Guttenberg, I now see that I was incorrect. This is the correct conclusion: Nothing "backs" gold. Gold backs itself. And Bitcoin is the digital equivalent of gold. Thank you.
Posted on: Sat, 20 Jul 2013 00:08:44 +0000

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