30 Dec '13, 12pm

How and why Bitcoin will plummet in price

My post from yesterday was perhaps not specific enough, so let me outline one possible scenario in which the value of BitCoin (and other cryptocurrencies) would fall apart. For purposes of argument, let’s say that a year from now BitCoin is priced at $500. Then you want some BitCoin, let’s say to buy some drugs. And you find someone willing to sell you BitCoin for about $500. But then the QuitCoin company comes along, with its algorithm, offering to sell you QuitCoin for $400. Will you ever accept such an offer? Well, QuitCoin is “cheaper,” but of course it may buy you less on the other side of the transaction as well. The QuitCoin merchants realize this, and so they have built deflationary pressures into the algorithm , so you expect QuitCoin to rise in value over time, enough to make you want to hold it. So you buy some newly minted QuitCoin for $400, and its price sprin...

Full article: http://marginalrevolution.com/marginalrevolution/2013/12/...

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