29 Dec '13, 12pm

Everyone Who Believes In Bitcoin Should Try To Answer This Question

Everyone Who Believes In Bitcoin Should Try To Answer This Question

poses a great question about Bitcoin : Underpinning the value of gold is that if all else fails you can use it to make pretty things. Underpinning the value of the dollar is a combination of (a) the fact that you can use them to pay your taxes to the U.S. government, and (b) that the Federal Reserve is a potential dollar sink and has promised to buy them back and extinguish them if their real value starts to sink at (much) more than 2%/year (yes, I know). Placing a ceiling on the value of gold is mining technology, and the prospect that if its price gets out of whack for long on the upside a great deal more of it will be created. Placing a ceiling on the value of the dollar is the Federal Reserve’s role as actual dollar source, and its commitment not to allow deflation to happen. Placing a ceiling on the value of bitcoins is computer technology and the form of the hash fun...

Full article: http://www.businessinsider.com/everyone-who-believes-in-b...

Tweets

Here's the answer to why Bitcoin has value.

Here's the answer to why Bitcoin has value.

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