To hock bitcoins. Interesting.
It's just money. Or trying to be. With advantages and disadvantages just like other money.
There are three fundamental things we want a money to do:
1) We want money to maintain a stable domestic price level.
2) We want money to maintain a stable relationship against other currencies.
3) We want money to be freely convertible into goods, including other moneys.
Pick two. Bitcoin might one day do 2 and 3. Not yet, but maybe one day.
Bitcoin has some advantages and disadvantage over the last money, gold, that did 2 and 3. But why not
Thursday, February 13, 2014
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1 comment:
But like our currency there is not a damn thing 'backing' bitcoin...
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