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scam -- not backed by anything but faith

   A real national currency, if not backed by gold silver, is backed by the economy and military might and legal system of the issuer. This is backed by nothing, but "faith". And also looking at the various exchanges there is a large gap, for example on one exchange now the bid/asked ( in $) is 115.5by 115.8, and on another it is 113.3.. By 113.3..--a potential instant profit on arbitrage--what is that all about??
Anonymous says2013-07-29T13:59:01.670
I think you need to take another look at your national currency, they have not been backed by gold in 40 years.
Jeramiah says2013-11-10T09:54:56.557
Um, what do you think that the current currency of the United States is backed by again?

Try doing some research, and then change your answer to no, because you just said that the currency is backed upon faith right?

Well, here is some news for you, currently our USD is not backed by gold, silver, or any of that, ,we're backed by.. Oh whoa...WE'RE BACKED BY FAITH!
peter0000 says2013-11-15T19:52:15.813
I see where you are coming from, but let me ask you something - gold was used as money for MUCH longer than fiat currency - so what backs gold? No government was needed there - Gold is backed by it's intrinsic value. Maybe you should stop and realize that bitcoin is ALSO backed by it's intrinsic value - it is divisible, fungible, scarce - just like gold. Bitcoin (like gold) also has used beyond money/store of value - these things include: smart property, smart contracts, time stamping, issuing shares (through colored bitcoins).

You have made the mistake in assuming that money needs government backed, and as I have just shown, governments are not needed in order to have a currency.
rgurule says2013-11-16T03:26:19.657
Governments and laws are always trying to catch up with technology. For example, the privacy of cell phones, and whether police are allowed to plant a GPS tracker on the car of a suspected criminal. Governments will have to adjust a new system that is anonymous and doesn't allow charge-backs.

As for arbitrage, its possible. I'm sure a lot of people are making money on it. Each exchange has its own character and restrictions. I use Coinbase, which allows me to link my bank account directly to the website. But when I sell coins, I must accept US dollars in return. Mt. Gox, on the other hand, does not allow me to link my bank account, but will allow me to trade coins on their site. These different barriers to entry and convenience cause different prices.
Ryan420 says2015-04-12T20:35:07.830
LAWL, the Dollar is backed by faith.
Tuxavant says2015-09-09T18:15:54.400
Bitcoin is backed by work that has real costs - just like mining gold from the ground. Every joule of energy spend towards mining bitcoin makes all previous transactions more secure.
harrytruman says2015-09-12T22:08:14.337
You vote on my debate "bit coin is worthless"
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