"A bitcoin *is* backed in real value, it’s backed in the unique properties it has… they cannot be confiscated, counterfeited, or shut down. People can still sit on gold and use bitcoin for transferring while they are doing some kind of untraceable thing…"
Cypherpunk Fellow Traveler on the “Open-Transactions Financial Crypto System and Bitcoin Integration”. Traveler gives an intro to where this system came from from, motivations behind it, history. How to look at this system and what it does. Accounts transfers, Vouchers, Checks, Digital Cash, Basket Currencies, the Integrated Stock Exchange type Market features. And drum roll… Integration with Bitcoin… to fulfill the other need for Bitcoin: Anonymous and Instant transaction settlement.