# Gavin Andresen
# 2012-07-24 18:02:51
# https://bitcointalk.org/index.php?topic=173.msg1051108#msg1051108

@s{quotedtext}
@s{quotedtext}
 @p{brk}
In a wisdom-of-crowds system, the @p{(it}promise@p{it)} comes from faith that somebody in the future will still find bitcoins valuable, and be willing to give you @p{(it}something@p{it)} in return. @p{par}

True, it isn't a promise from one particular institution or person to redeem for one particular something else, so it doesn't fit @p{(bf}your@p{bf)} definition of 'backing.'  But I trust The Crowd more than I trust any one particular institution (especially institutions like governments, who have a long history of breaking promises). @p{par}

See my recent "@p{(link}Is store of value enough?@p{link)}" blog post for more thoughts along these lines. @p{brk}