Steve's barking bit coin, blame it on NIxon

The debasing of the currency as the no nothings would say, getting the US off the gold standard was Nixon doing.
Is anything wrong with not having our dollars backed by gold? Not at this moment and probably not in the near future. Those gold bugs had a case when we had stagflation, it was wrong but they had a case not having the dollar backed by gold.
Not having the dollar backed by gold give the idea that the FED can print money out of thin air just by buying government bonds with dollars it doesn't have (kind of like the American consumer does by buying items with the credit card) .

Now I can just imagine some mischievous nerds, just sitting around and having a little bit too much Sherry deciding that if the FED can print money why couldn't they create digital money and call it bit coins. They would make government backed money by selling this cyberspace created money.
Well as all money is, it's only as good as the seller of goods and services except it. If sellers of goods and services except this form of money though not backed any government  a new form of money has been created. If it's not excepted we have a  monetary pet rock.
So you see kiddies, you can blame it on Nixon.