Comment: Bitcom is not a fait currency

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Bitcom is not a fait currency

Bitcom is not a fait currency; at worse Bitcom is “script”. Bitcom is backed by something…..the productive labor of the people that use it. Only government can create a fiat currency because government has nothing of value to back a currency. And please don’t tell me the government has all the gold in Fort Knox…….That’s the people’s gold……all the government can produce is debt and legal tender laws. Sound money is a tool to prevent bank note and legal tender inflation through it convertibility with species (gold and silver) but the species could be anything. Gold and silver was chosen by the market place and time for its properties of fungibility (unit of measure), light weight (medium of exchange) and scarcity (it’s store of value). So if Bitcom were to FIX the exchange rates to a STORE OF VALUE (like an ounce of gold) and never break that exchange rate it could drive the dollar out of business…Gresham’s law…...until the government steps in.
Corruption is the intrusion in to the free market through government regulation