Comment: I'm confused.

(See in situ)


I'm confused.

Isn't the commodity (or in this case, the currency) that is redeemable from another currency, that which backs the currency in question? If bitcoin is redeemable in terms of whatever fiat currency is present, can't it be said that bitcoin is then backed by that fiat currency? I'm still relatively new on Austrian econ so lay it easy on me here please! :-)

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http://minaret.org

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