11 Apr '13, 9pm

Bitcoin Has No Intrinsic Value, And Will Never Be A Threat To Fiat Currency

Bitcoin Has No Intrinsic Value, And Will Never Be A Threat To Fiat Currency

REUTERS / Philimon Bulawayo A crisp 100 billion Zimbabwean dollar The best sentence I read today was this one: “It has been four years and it has yet to be discredited as a viable alternative to fiat currency.” That's from Tyler Winklevoss (yes, that one ), referring to Bitcoin (naturally), in a NYT story which reveals that the famous Winkelvoss twins own about 1% of the total Bitcoins that are out there. The crazy price swings of the digital "currency" — which has an ultimately finite supply and is distributed via cryptology, with no Central Bank-like issuer — has prompted numerous discussions about whether the currency could become an important economic entity that's actually a "viable alternative" to, say, the U.S. dollar. There's also a lot of discussion about whether the currency is in a bubble, though in a way that's a less interesting debate. The real interesting qu...

Full article: http://www.businessinsider.com/bitcoins-have-no-value-2013-4

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11 April 2013 Last updated at 10:43 GMT Share this page Delicious Digg Facebook reddit StumbleUpon Twitter Email Print Bit...