12 Apr '13, 8am

New article: What we learn from this #bitcoin correction

This is true for the moment, and only if you think of BTC as an investment. BTC is not suited for this task (though it is a highly speculative and lucrative item for some), because it’s main strength is in transactions, and even micro transactions. Why should you care whether you can change BTC into USD when you don’t need USD to buy bread and electricity? All you need to do is spend and exchange BTC directly – problem solved. For this same reason – benchmarking BTC against USD is bogus, because this is exactly what BTC works-around – the need for fiat currency. You cannot benchmark it against USD for the same reason BTC was brought into existence – FED can emit obscene amount of USD without creating any value, and it can certainly “buy” all BTC in existence with just a press of the button (and it wouldn’t be that expensive at the moment). This would of course make a few p...

Full article: http://falkvinge.net/2013/04/12/what-we-learn-from-this-b...

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