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re: Bitcoins were hacked yesterday?
Posted on 4/4/13 at 12:07 pm to Korkstand
Posted on 4/4/13 at 12:07 pm to Korkstand
quote:
isn't the vast majority of our money just numbers on a computer somewhere? The only difference is a government says one is valid, and a completely open and transparent program says the other is valid.
No, dollars are back by the full faith of the United States, which owns assets to back up those dollars...
1
Posted on 4/4/13 at 12:24 pm to Lsut81
quote:
No, dollars are back by the full faith of the United States, which owns assets to back up those dollars...
Some trust the government and some don't, but the US doesn't back up dollars with assets. Dollars are only backed up by the word of the government... that's what fiat means. Dollars are really backed up by faith in the economy, and bitcoins are very much the same. Main difference being there isn't nearly as much faith in the bitcoin economy.
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