26 Feb '14, 7pm

SENATOR CALLS FOR BITCOIN BAN by @rjwile

Our foreign counterparts have already understood the wide range of problems even with Bitcoin’s legitimate uses - from its significant price fluctuations to its deflationary nature. Just last week, Bitcoin prices plunged after the currency’s major exchange, Mt. Gox, experienced technical issues. Two days ago, this exchange took its website down and is no longer even accessible. This was not a unique event; news of plummeting or skyrocketing Bitcoin prices is almost a weekly occurrence. In addition, its deflationary trends ensure that only speculators, such as so-called “Bitcoin miners,” will benefit from possessing the virtual currency. There is no doubt average American consumers stand to lose by transacting in Bitcoin. As of December 2013, the Consumer Price Index (CPI) shows 1.3% inflation, while a recent media report indicated Bitcoin CPI has 98% deflation. In other wo...

Full article: http://www.businessinsider.com/senator-calls-for-bitcoin-...

Tweets

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Congressman

Congressman

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