Switch Poker Adds Bitcoin-Only Tables; Bitcoin Hits Milestone | Online Gambling

Switch Poker offers Bitcoin-only tables as virtual currency passes milestone: Bitcoin passes milestoneBusiness News

Bitcoin’s designers envisioned their baby as less of a traditional fiat currency and more a commodity like gold, of which there is a finite amount. As such, there will be rises and falls in Bitcoin’s value, but no wild inflationary surges. This theory will be tested as a result of this week’s changes. Some observers believe the smaller number of Bitcoins now being generated will cause the value of existing Bitcoins to skyrocket, and indeed, their value has risen about 10% in the two weeks preceding the 210k milestone. But others believe that since the majority of users – 78%, according to one study – appear to have been hoarding Bitcoins in anticipation of selling them once their value rises, the resulting flood of Bitcoins into the market will have a dampening effect. Only time will tell who’s right. Regardless, it’s a fascinating technological experiment that bears watch...

Full article: http://calvinayre.com/2012/12/02/business/switch-poker-bi...