20 Feb '13, 6am

300 million dollars out of thin air: Bitcoin turns four and approaches $30 value

300 million dollars out of thin air: Bitcoin turns four and approaches $30 value

Money is a delusion – but a delusion that works as long as it's shared. The value of a U.S. dollar was once tied to a government guarantee that you could, at any time, exchange it for a quantity of precious metal – but since America officially abandoned the gold standard in 1971 , its value is now more or less rooted in its ubiquity. If large swathes of people decided they would no longer accept it, it would suddenly be worth a lot less. Government currencies like the American dollar are also a bit odd, in that a government can decide to print more money at any time to serve its own purposes. This is very handy for the government, but through inflation it causes each individual dollar to be worth a bit less each time. It's a problem that will persist with pretty much any currency that's managed by one central organization. And distrust of these organizations is one of the ...

Full article: http://www.gizmag.com/bitcoin-creation-value-overview/26325/

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