14 Apr '13, 5pm

Iterations: How Five Real Economists Think About Bitcoin's Future

Iterations: How Five Real Economists Think About Bitcoin's Future

At first blush Bitcoin is nothing special. Virtually anything can be used as a pseudo-currency. And, there is nothing new about a profound fear of fiat currencies and all manner of efforts to avoid the risk of relying on central bankers. Indeed, the prevalence of fiat (paper) currencies in a post gold-standard world is flat-out amazing. But, when the confidence underlying fiat currencies falters folks resort to recognizable and reliable stores of value and it’s not that hard to manage in such a world. After the fall of the Berlin Wall, Russians and others in FSU states resorted to a highly functional trinity of currency substitutes: cigarettes for the small stuff, Vodka for the medium and Cognac for big ticket items. In some ways, Bitcoin is just a virtual pack of smokes. But in other ways, it’s revolutionary. Cigarettes have inherent value and alternative uses, like cotto...

Full article: http://techcrunch.com/2013/04/14/iterations-how-five-real...

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