08 May '13, 7pm

Engadget Primed: The rise (and rise?) of Bitcoin

Engadget Primed: The rise (and rise?) of Bitcoin

If we want to learn about the downsides of Bitcoin, then we should turn to Nobel Prize-winning economist Paul Krugman, who explained the deflation problem back in 1998. He told the story of a babysitting co-operative that was set up in the late '70s by Washington civil servants. In order to make sure that each of the 150-or-so couples did their fair share of babysitting, the group printed a limited number of coupons, equal to an hour of child-minding -- so, if you watched your neighbor's kids for five hours, you'd earn five coupons. While it seemed like a perfectly fair system, parents of young children decided not to leave the houses too often, and so began to hoard coupons for the future. When that happened, the amount of coupons "circulating" in this mini-economy dried up, plunging this motley band of babysitters into a recession, mirroring the great depressions of the ...

Full article: http://www.engadget.com/2013/05/08/engadget-primed-bitcoin/

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