17 Apr '13, 2pm

Why Bitcoin is Here to Stay: Q&A with Jerry Brito via @reason

Let's stipulate that it is year N, in which no state-monopoly currencies have survived. What does bitcoin look like in this environment, when compared as a currency with various competing currencies, and when compared with investment instruments. I do not see how commodity-backed currencies can compete with purely fiat ones -- gambling is something you want to do with money, not something you want to do as a function of holding it. Therefore, I do not see something like bitcoin being capable of serving as good money. But it may still serve as an investment, and the question there is concerned with its desirability, relative to other instruments. Its main advantage here, ease of handling, is basically nonexistent, since part of the function of the market is to abstract this problem away. Its main disadvantage, then -- that it possesses no secondary intrinsic value -- I thin...

Full article: http://reason.com/reasontv/2013/04/17/why-bitcoin-is-here...

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