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philwelch
on Nov 19, 2013
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The first Bitcoin post on HN
By that reasoning, I can convert my USD into donuts, and hence the USD is backed by donuts, hence the term "dollars to donuts".
moocowduckquack
on Nov 19, 2013
[–]
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
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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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