10 Nov '13, 10pm

If You Believe In Bitcoin, You Should Never Buy Anything In Bitcoin

If You Believe In Bitcoin, You Should Never Buy Anything In Bitcoin

REUTERS/Stephen Lam A chain of block erupters used for Bitcoin mining is pictured at the Plug and Play Tech Center in Sunnyvale, California, October 28, 2013. Many Bitcoin believers think that the digital currency will one day become the pre-eminent currency of the internet. They basically see it becoming the internet's version of gold in that it's naturally scarce, independent, virtually impossible to manipulate, and crucially suited for a digital world when money ought to be able to be moved seamlessly and at no cost. Well here's a tip: If you think that this is true, then never use Bitcoin in a transaction. As more people have gotten into Bitcoin, the price has gone way up. Virtually everyone who has ever bought anything in Bitcoin has been a huge loser, who would have been better suited just holding onto the Bitcoins instead. Remember the pizza that was purchased for $...

Full article: http://www.businessinsider.com/if-you-believe-in-bitcoin-...

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If You Believe in Bitcoin, You Should Never Buy Anything in Bitcoin via @slate

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