Does bitcoin have a future?
December 1, 2013 8:54 PM Subscribe
Joe Weisenthal at Business Insider gives one of the most fair minded assessments on the internet: "First of all, it's wrong to say that Bitcoin has no value. There's prima facie evidence that this is untrue. If you want to buy weed on the Internet, Bitcoin serves a useful purpose.... Two other arguments against Bitcoin, which I've stated in the past, are that the currency is too volatile to be a useful medium of exchange. And that it's also deflationary in the sense that if you assume the price is going to keep going up, then you have no incentive to ever spend your bitcoins, thus preventing the Bitcoin economy from becoming a vibrant thing. But both of these counter-arguments have flaws." Also: Tyler Cowen discusses how China's tight capital controls have increased the value of bitcoin, and the Economist gives a good overview of the history of the cryptocurrency to date and a discussion of technical challenges regarding the increasing size of the blockchain, ensuring security and anonymity, and the computational arms race to mine bitcoins.
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