When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Saturday, January 11, 2014

Bitcoin, High-Tech Poseur

Bitcoin Is a High-Tech Dinosaur Soon to Be Extinct - Bloomberg: " . . . people who believe that governments of the world will let a stateless cryptocurrency usurp their hard-won monetary prerogatives aren’t forecasting the future. They’re living in the past." -- Stephen Mihm, an associate professor of history at the University of Georgia

And my 2 bits worth: We already have a global virtual currency -- the US dollar. The Fed Chair, with a mere computer entry, controls supply, value, etc. You can use it to pay taxes (US), easily convert it into other currencies, and exchange it for any commodity or service in the world. Are there competing virtual currencies issued by other "central banks?" Yes, and someday one of them may supplant the US dollar, but Bitcoin will never be a playa.


The Big Picture

Financial Crisis - The Telegraph

JohnTheCrowd.com | The Sailing Website

Craig Newmark - craigconnects