to ride a horse for transportation.. Have no roads.. no taxes.. no laws other than Natural laws and so on and so on.
"Oddly enough, bitcoin proponents claim their currency's value is based on labor or energy. I still don't know what it means to mine a bitcoin, but a Facebook chum celebrated loudly when he'd mined his first, at an electrical cost of four times the bitcoin trading value. But that was when it was worth a few dollars."
Yeah, it's based on energy and "time" that the computer uses to do arbitrary mathematical tasks. Bogus logic really.
It's fiat-like in the sens that it's made out of thin air arbitrarily. It's just not mandated by the government and not set up by the government as far as I know anyway.
If however, they bought something substantial, sayyyy gold or silver to back the coins up with, I might be on board. :)
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