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moocowduckquack
on Nov 19, 2013
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The first Bitcoin post on HN
Well, it is partly backed by donuts, along with any other commodities or instruments of value that it can be easily exchanged with.
philwelch
on Nov 19, 2013
[–]
Which really puts the lie to the idea of currency being "backed by" a scarce resource at all, which is the main premise of goldbugs. I'm totally okay saying that a currency is backed by the entire economy of goods being exchanged for it myself.
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