23 Sep '13, 9am

78% of #bitcoin is not in circulation. Are we facing a virtual currency crash if a few hoarders sell? #WEF

78% of #bitcoin is not in circulation. Are we facing a virtual currency crash if a few hoarders sell? #WEF

Five years after the collapse of Lehman Brothers and the full onset of the global financial crisis, the search for plausible alternatives to conventional “fiat” currencies continues unabated. Gold prices have risen 200% since 2007, despite a dip of 40% in the last two years. But while the gold bugs have suffered recently, the bitcoin has steadily gained interest both as an alternative currency and a speculative commodity. Built on distrust, the bitcoin promises complete transactional privacy and stability of value that no fiat currency has ever been able to provide. So, in ten years, will we look back and see the bitcoin as just another irrational, speculative phenomenon, or will it become a viable challenger to the US dollar’s “exorbitant privilege”? The essential properties of the bitcoin mean it’s not particularly useful as a staple currency, and that is what will proba...

Full article: http://forumblog.org/2013/09/the-trouble-with-bitcoins/

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