Advertise with us (we do not endorse any site advertised)

Author Topic: An optimistic theory of Bitcoin as a 'hedge against the entire global currency'  (Read 821 times)

0 Members and 1 Guest are viewing this topic.

Offline bitcoinforum.comTopic starter

  • Administrator
  • Legendary Member
  • *******
  • Joined: Nov 2011
  • Location:
  • Posts: 1460
  • Country: bz
  • Thanked: 20 times
  • Karma: +26/-0
  • Gender: Male
  • The Bitcoin genie is already out of the bottle.
    • View Profile
  • Bitcoin Address: 3BWV2PzZAgzqQQQetShbq6esAVmFs7hf1C
An optimistic theory of Bitcoin as a 'hedge against the entire global currency system'

Businessweek has a thoughtful and well-written defense of Bitcoin, the open source virtual currency that approximates cash on the internet. Writer and programmer Paul Ford points out that the Bitcoin experiment, so far, is working: it's actually being exchanged as money, and the underlying technology has proved "to be impeccable and completely functional." He makes a persuasive point that Bitcoin is "no more arbitrary than derivatives or credit default swaps." At the time of this writing, a single Bitcoin is being traded for $91.67 USD (although The Economist, at least, expects the bubble will pop soon).

Unfortunately, Ford also repeats the unsubstantiated claim that Bitcoin's meteoric price rise was sparked by fears over the Cyprus banking crisis. Data from Mt. Gox, which handles 76 percent of the Bitcoin currency trading in the world and essentially sets the market price, does not bear this out. The exact combination of factors is impossible to say, but it's more likely that an artificial scarcity automatically triggered in December sparked the price increase, which started back in January.
"No man has received from nature the right to give orders to others. Freedom is a gift from heaven, and every
individual of the same species has the right to enjoy it as soon as he is in enjoyment of his reason."
(Denis Diderot)


Global reserve currency - Special Drawing Rights vs Bitcoin

Started by newsatbravenewcoin

Replies: 0
Views: 509
Last post September 28, 2016, 12:00:59 AM
by newsatbravenewcoin
Bitcoin online currency gets new job in web security

Started by

Replies: 0
Views: 2086
Last post January 18, 2012, 10:11:46 AM
by Euro fears boost virtual currency Bitcoin

Started by

Replies: 0
Views: 1967
Last post June 09, 2012, 01:00:03 AM
by BitCoin The People’s New World Currency

Started by

Replies: 0
Views: 1269
Last post July 17, 2012, 12:35:37 PM
by Bitcoin - How the Internet Created Its Own Currency

Started by

Replies: 0
Views: 1191
Last post November 06, 2012, 02:01:45 PM

your ads here