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JAN 29, 2014 12:27pm ET

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Why Bitcoin is Here to Stay

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When I stumbled across Bitcoin (or Bit-O-Coin, as my wife likes to call it) a few years back, my spidey sense started tingling. Since that time, I’ve made a few off hand remarks about the future of crypto-currency and received the expected “it’s another Dutch Tulip thing”. While I’m not an expert on the financial markets, I do have an excellent trade record for identifying disruptive technology changes and I’ve concluded that crypto-currency is here to stay.

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Comments (4)
I wonder whither this was written before or after the founder was brought up on charges of money laundering?
Posted by Shawn K | Thursday, January 30 2014 at 11:06AM ET
First the disclaimer: I am not an economist or an expert on finance. That said, I don't think Brian's logic in this article stands up to scrutiny. 1) The financial crisis was not a currency crisis and I'm not familiar with any arguments by economists that the government's control of currency is a problem. The Greeks had a currency crisis precisely because they couldn't control their own currency, as opposed to our government's ability to manage money supply and control the damage. 2) "the internet for money" sounds nice, but what does it mean? True, there are risks and instabilities in world economies, but they are quite transparent and tend to move slowly. Contrast that with wild swings in crtypo-currency values, because there is no mechanism for controlling speculation. 3) Well this is just a libertarian argument, so have at it.

If anything, Bitcoin and the others are exactly like gold, not currency. They have value because there is a finite supply that is hard to extract, they can be used for trade because they have a known value, as commodities they are not regulated or controlled by governments (yet), and they are subject to the ups and downs of the commodities market.

Posted by Jeff W | Thursday, January 30 2014 at 11:13AM ET
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