24 Sep '13, 1am

Guest Post: Bitcoin: As Good As Gold?

Any government can produce enough servers to gain the majority of the mining capacity in bitcoin. It doesn't take that much money. Also, the initial miners of bitcoin own the largest share of the coins primarly because of the "curve" that existed when coins were first being issued. You can't do this in a commodity system. I would add another category, "Value". Even though if you add up all of your categories you can get a general sense of value. The main problem is we are trying to determine value based on an economic good. I'll leave this for you from Ludwig Von Mises, "The Theory of Money and Credit", 1912. If the objective exchange value of money must always be linked with a preexisting market exchange ratio between money and other economic goods (since otherwise individuals would not bein the a position to estimate the value of the money), it follows that an object con...

Full article: http://www.zerohedge.com/news/2013-09-23/guest-post-bitco...

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