26 Apr '13, 6pm

Should Bitcoin Peg Itself To The Dollar? via @HuffPostBiz

Should Bitcoin Peg Itself To The Dollar? via @HuffPostBiz

China became the second biggest economy in the world by pegging their currency to the dollar at an artificially cheap rate. This boosted exports and built up reserves to the multi-trillion level - of which more than a 1 trillion is US dollars. The Chinese workers themselves, for the most part, can't afford the goods they make for Apple and hundreds of other companies that manufacture their products on 'the world's factory floor' but they are better off working in these sweatshops than working the land; so we are told. One thing is for certain, China's economy has boomed thanks to the currency peg. With Bitcoin, there is an interesting corollary with China and its currency peg. Why not peg Bitcoin to the dollar, at let's say $100 BTC to the dollar? This might solve two problems. First, the volatility issue - with merchants and spenders of Bitcoin uncomfortable with the wild...

Full article: http://www.huffingtonpost.com/max-keiser/should-bitcoin-p...

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Should Bitcoin peg its price to US dollar?

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