12 Apr '13, 5pm

Bitcoin is ludicrous, but it tells us something important about the nature of money

Comments Tweet More There was a great piece in the satirical news source The Onion a few years ago in which it “reported” that Fed chairman Ben Bernanke experienced a moment of existential panic during a congressional hearing as he paused, shook his head, and said, “It’s just an illusion . . . Just look at it: meaningless pieces of paper with numbers printed on them. Worthless.” Sayeth the Onion headline: “U.S. Economy Grinds to Halt As Nation Realizes Money Just A Symbolic, Mutually Shared Illusion.” It’s all just an illusion, man. Which brings us to bitcoin . It is a digital currency, which a certain variety of techno-utopian futurist crowd views as a form of money unencumbered by the shackles of privacy-reducing international anti-money laundering laws and inflation-tolerant central banks. Its value has been extraordinarily volatile over the last several weeks, rising f...

Full article: http://www.washingtonpost.com/blogs/wonkblog/wp/2013/04/1...

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"The Onion was right. Money really is just a sy...

washingtonpost.com 12 Apr '13, 5pm

Comments Tweet More There was a great piece in the satirical news source The Onion a few years ago in which it “reported” ...

Bitcoin and the illusion of money

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First real article ever from the ONION: #bitcoin

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