Quote:
Originally Posted by SSJ455
I am interested in bitcoin myself but I am leery of a currency not backed by anything. The government says what currency is, prints money backed by the faith in the US government and says "This is money" (fiat currency) and it can be used for all debts both public and private. But bitcoin is new and a bit scary. I am waiting for the government to one day say, this cannot be used and shut it down. It is true that only those who accept bitcoin will accept bitcoin but the government doesn't like anyone getting in on their turf.
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Agreed....however the Government does not even have enough in reserves to back (FDIC) their obligation of one dollar per one thousand or one hundred dollars they are supposed to insure/guarantee.
I think we are very shortly looking at a day when all money will be an electronic monetary system, it almost already is.
Agree also that the Government will want control and their cut at some point.
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