08 Apr '15, 8pm

TIL that in the first "real-world transaction with bitcoin" a programmer paid 10,000 bitcoins for 2 large Papa Joh…

what caused it to drop in value so much? I'ma copy-paste an old post in reply to a BitCoin fanatic: they... wait for it.. have value. Suppose for a second that the price of gold [in goods] was low enough that the "real value" of gold was a binding price floor to the exchange use of gold. What would happen? The answer is that people would not exchange gold for goods, they would hold onto it and/or use it for its industrial applications which had that "real value". This roughly means that the exchange value of gold always has to be more than the "real value"—but then the real value doesn't matter, so there are ultimately no good arguments for why the "real value" isn't zero. It makes no difference as a currency, anyhow. You can't print gold. Gold has a fixed supply, and, while it can be mined and added to the supply, there isn't a good reason to mine gold and add it to the s...

Full article: http://www.reddit.com/r/todayilearned/comments/31wpv1/til...

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