11 Apr '13, 9pm

Bitcoin Is No Longer a Currency

Bitcoin Is No Longer a Currency

But what if you can't print more money? Then the hoarding feeds on itself. With a normal currency, say the dollar, the prices of everything else will keep falling, since everything else is priced in dollars. Falling wages will make debts that aren't falling harder to pay back, which will force more people into bankruptcy -- and then increase demand for dollars even more. In other words, it creates a depression . But with an alternative currency, say Bitcoin, the price of everything else will stay the same, since everything is still priced in dollars, and the price of Bitcoin itself will go up. The increasing price of Bitcoin will increase demand for Bitcoin, just as hoarding is reducing supply. In other words, prices will go vertical.

Full article: http://www.theatlantic.com/business/archive/2013/04/bitco...

Tweets

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