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Bitcoin Concept Is Gaining Currency

Friday, May 17, 2013 - 8:13 AM
The Bitcoin's growing popularity and a recent surge in value has caught the eye of entrepreneurs and venture capitalists, including some who are convinced that Bitcoin could be the biggest thing on the Internet since, well, the Internet itself changed our lives two decades ago.

Now, Silicon Valley is about to perform its classic ritual to signify that a new technology, product or idea is ready to be taken seriously: It's holding a conference.

Bitcoin concept is gaining currency -
ShorebreakShorebreak2,700 posts since
Apr 6, 2010
Rep Points: 14,636
1. Friday, May 17, 2013 - 8:55 AM

My Dear Shorebreak,

Recent surge?  ... Hmmm ... When was that?

Anyways there is an article on Forbes aptly titled "Whatever It Is, It's Not Money!"

So ... by chance are you advocating trading this non-money "bitcoin" which is not currency?

Yours Truly,
- Anon
In FED I Trust  :-)

ytytytytytytytyt158 posts since
Jan 28, 2013
Rep Points: 623
2. Friday, May 17, 2013 - 3:40 PM
I think one of the commenters said it pretty succintly:

Nick B. Steves -  1 month ago - And speaking of this economy of Bitcoinland… I failed to mention that it has no central bank and no political actors of any kind, and therefore has neither the means nor will to dilute its currency vis-a-vis others for any reason. Thus it has no means to reward TBTF banks with quantitative easing, and no TBTF banks of any kind. Bitcoinland also has (as yet) no major lenders and therefore no significant debts, upon which will borrowers and then banks default if its currency happens to go vertical versus others. Nor does Bitcoinland have major exporters or centers of tourism who will be crushed if its currency happens to go vertical. Also, Bitcoinland’s currency BTC happens to be actually, literally, verifiably transferable over the internet without reliance upon trusted (fee-collecting) 3rd parties.

Other than that, Bitcoinland is a lot like Namibia.

It does have value and there are places that will take them as payment.  Do I own any? No.  Am I currently pursing any, no.  Would I recommend it, probably not at this point.  But who knows, maybe it will earn a higher place in the "money" realm.

cd :O)

ChrisCDChrisCD70 posts since
Nov 18, 2010
Rep Points: 457