quoteth one of the winklevii:
i never really understood the beef against fiat money anyway. all currency is a mass delusion. precious metals like gold and silver are only "money" because everyone decided that those particular elements have special value. none of it is really "real" in the sense that there is intrinsic value beyond the value ascribed to it by a critical mass of people. bitcoin may not be subject to manipulation by any central bank, but i'm not sure why it is better to have a currency that is completely subject to the whims of speculators.
It has been four years and it [bitcoin] has yet to be discredited as a viable alternative to fiat currencybitcoin is fiat currency just as much as the dollar is. by definition bitcoin has no intrinsic value. while it's true that bitcoin's fiat does not come from a governmental entity, it still only has value by fiat. it's just the fiat of a group that is not also a political entity.
i never really understood the beef against fiat money anyway. all currency is a mass delusion. precious metals like gold and silver are only "money" because everyone decided that those particular elements have special value. none of it is really "real" in the sense that there is intrinsic value beyond the value ascribed to it by a critical mass of people. bitcoin may not be subject to manipulation by any central bank, but i'm not sure why it is better to have a currency that is completely subject to the whims of speculators.
