So every previous discussion of Bitcoin on Metafilter has been full of earnest people proclaiming how it really is the one true new currency and will be valuable forever.
worst kind of libertarian (breathing)
I'll own up to scorn and schadenfreude about the Bitcoin collapse. I'm not particularly proud of it.
The underlying value of a bitcoin is computer processing cycles
Subdividing physical coins is unlikely in meatspace...
The seventeenth-century Spanish gold coins known as "reales," and favored by pirates, were called "pieces of eight" because each coin was perforated into eight pie-shaped sections and could be broken into fractions of their full value. Two "pieces of eight," one quarter of the coin, is the source of the use of the American slang term "two bits" to signify a "quarter" dollar.
Each Casascius Bitcoin is a collectible coin backed by real Bitcoins embedded inside. They come in two denominations: 1 bitcoin, and 25 bitcoins. Each piece has its own Bitcoin address and a redeemable "private key" on the inside, underneath the hologram.
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