19 Jan '13, 6pm

Virtual Currency Bitcoin is Fascinating, Terrifying, Maybe The Future

Virtual Currency Bitcoin is Fascinating, Terrifying, Maybe The Future

I'm not saying we should all run out and convert all our dollars to bitcoins. In fact, I'm definitely not saying that, as the things you can buy with bitcoin are now very scarce. Its popularity really peaked in 2011, two years ago. As you know, I'm a huge fan of government. I generally believe that the government, and not the private sector, should be regulating our money. The thing I find interesting about bitcoin is that, with this software, it's really neither. The thing I find scary about bitcoin – it's basically run by one guy: Nakamoto. Who has since disappeared, saying he's moved on to other things. No one has heard from him since. And the thing I find truly scary – these coins represent nothing. Absolutely. Nothing. At all. But then again, neither does the US dollar anymore. We haven't been on a gold standard since 1971 . So I guess for me, the thing that makes me ...

Full article: http://www.autostraddle.com/virtual-money-bitcoin-is-fasc...

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