05 Apr '13, 9am

Bitcoin makes journalists say stupid things

Bitcoin makes journalists say stupid things Nemo 2013-04-04 23:35 The problem with this topic — unlike, say, how Bitcoin works — is that there’s just too much material to cover. Let’s start with Felix (h/t Moldbug ): In reality, then, bitcoin doesn’t really behave like a currency at all. In terms of its market value, it looks much more like a highly-volatile commodity. That’s by design: bitcoins were created to be the most fungible commodity the world had ever seen – to the point at which they would effectively erase the distinction between a commodity and a currency. Blah, blah, blah. Does it really take 5,000 words to say “Bitcoin is like gold and therefore cannot possibly function as money”? Or does it just sound too stupid when phrased that way? But the best quote: Because it turns out that financial-services companies are a very important part of any democracy. It’s b...

Full article: https://self-evident.org/?p=993

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