And yet more Bitcons

Liberty Blitzkrieg has a post:

E-Gold Founder is Launching a New Gold Backed Currency

where it says among other things:

That said, I do believe the evolution of money is headed to a Bitcoin type system with the ability to have whatever backing is desired by the market.

Well you already have a currency that has a backing desired by the market and that is the dollar and the market-desired backing is QE. Or if you live in the zone of doom, i.e. the eurozone, you have the euro with its QE and the OMT lurking on the horizon.

I just do not feel comfortable with a currency where I might buy a used car on eBay payed for with Bitcoins and 2 weeks later I have to realize that my Bitcoins, which are now with the seller, are worth 30% more. I would not run that risk with dollars, yen or rupees.

Besides, the market-desired backing I see with Bitcoin is that it is fueled by pure speculation and that can not be the basis of a stable currency.