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<p>[QUOTE=&quot;InfleXion, post: 2660805, member: 29012&quot;]It is backed by nothing tangible as money, but it is backed by a userbase who is willing to pay for it as a service, and so it has a price associated. Anyone can buy or sell as much as they want, so it&#039;s not a safe market.</p><p><br /></p><p>The point of one cryptocurrency isn&#039;t necessarily the point of any other. That&#039;s why you have BitCoin XT as a BitCoin alternative, because one group of people wanted to increase the block size to accomodate higher transaction volume. Most of these currencies track each other pricewise, because they all provide the same basic service.</p><p><br /></p><p>What central banks want to utilize is a distributed ledger system for maintaining transaction credibility among a group of peers (users of the software protocol - either publicly or privately) who share the responsibility of validating the transaction and historical auditability of all the currency. The cloud only validates the transactions and keeps a shared record. Your wallet is a file in your digital possession that you use to make a transaction.</p><p><br /></p><p>The premise behind BitCoin initially was anonymity, but it has never been that. TOR and Onion addresses are semi-anonymous, and those are what Silk Road hid behind, not BitCoin. BitCoin was merely a medium of exchange available that was not managed by any existing central bank or government, and being an unregulated market put it in position to be utilized in that way.</p><p><br /></p><p>All BitCoin transactions are in the blockchain forever, but whether or not user account or IP address tied to the transaction is traceable is a crap shoot. If central banks were to make use of the technology, it would be solely for that traceability of users of their currency.</p><p><br /></p><p>But there&#039;s nothing to stop people from continuing to use BitCoin or its clones as an alternative, so I&#039;m wondering if they might incentivise things by backing things up with some of that gold they use to settle their debts.[/QUOTE]</p><p><br /></p>

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