I think people should first agree on what it means to be "backed by" something.
My take is that it usually refers to the promise to exchange paper IOUs for gold which gives the paper some desired scarcity.
Since bitcoin by its very nature is scarce, it doesn't need to be backed by anything, all it need to do is continue to be limited to 21 million coins. And this property of bitcoin is ingrained in its code. Proof of work and energy being required to guarantee that scarcity but by no means acting as the promise to exchange bitcoin for
chris_tavrou / Chris Tavrou
npub1en…zyprj
2024-04-12 18:06:43
in reply to nevent1q…sk4j
Author Public Key
npub1enkg5gj9s0neg5q6qf6tywjwey23rffaxlg5cfnaxwqghtn2uvysyzyprjPublished at
2024-04-12 18:06:43Event JSON
{
"id": "f52d8b7bb3fe00c6bd560679afbf5b79a116ea84ccb2ef050f0d713a4ad5ec2a",
"pubkey": "ccec8a224583e794501a0274b23a4ec91511a53d37d14c267d33808bae6ae309",
"created_at": 1712945203,
"kind": 1,
"tags": [
[
"e",
"4475a6f0b89640b96fdb90f0a8f3ba22cbb8c5e4f5bbd5435bc9531a69c18f26",
"wss://relay.primal.net",
"reply"
],
[
"p",
"b9e76546ba06456ed301d9e52bc49fa48e70a6bf2282be7a1ae72947612023dc"
],
[
"e",
"4475a6f0b89640b96fdb90f0a8f3ba22cbb8c5e4f5bbd5435bc9531a69c18f26",
"wss://relay.primal.net",
"root"
]
],
"content": "I think people should first agree on what it means to be \"backed by\" something.\n\nMy take is that it usually refers to the promise to exchange paper IOUs for gold which gives the paper some desired scarcity. \n\nSince bitcoin by its very nature is scarce, it doesn't need to be backed by anything, all it need to do is continue to be limited to 21 million coins. And this property of bitcoin is ingrained in its code. Proof of work and energy being required to guarantee that scarcity but by no means acting as the promise to exchange bitcoin for",
"sig": "de56313e9c8096415d40082e86cab12c23d66f4cdb4d803d468472faee2519d371652d99cdad435d7548bbc58d3fef9d52c89f945e8fc8504189752c4f64a508"
}