Comment Re:Can we have a week without ... (Score 1) 144
Backing is required for fiat currencies because they do not have any sort of built in scarcity other than what is enforced by the owner of the fiat.
Precious metal-based currencies are also backed by the promise that the person storing the metal for you will exchange the currency for some quantity of the metal.
Bitcoin is not a fiat currency, it's closer to gold in that it has an actual scarcity, just like one day we'll run out of gold one day we'll run out of bitcoins and our option for expanding the supply will boil down to further subdividing the pool that remains
Scarcity does not imply value. There are lots of things that are scarce, but have low value because no one wants them. You don't create value just because you have something that is scarce. Pieces of paper on which I have drawn a picture of a cock are scarce, but that doesn't make them valuable. I don't intend to create any more, and so now by your logic they should be more valuable than BitCoins. Want to give me $100 for one?