When thinking about Bitcoin, it helps to think of it less as a currency than a platform for financial innovation.http://www.forbes.com/sites/timothylee/2013/04/01/bitcoin-is-a-bad-currency-but-it-might-be-a-good-platform-for-financial-innovation/ …
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@sarahjeong It depends how you define "currency," obviously. But I don't think it's a direct competitor to conventional currencies.
@binarybits e.g. the convertability of bitcoin to dollars "backs" it, rather than a government promise to receive in lieu of taxes (or gold)
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@sarahjeong I think the idea of "backing" for currency is confused.Merci. Twitter en tiendra compte pour améliorer votre fil. SupprimerSupprimer
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@sarahjeong Dollars are valuable primarily due to network effects, not legal tender or tax laws. Same as Bitcoins. -
@binarybits My view = legitimacy/network effect generated by govt printing + fiscal activity + taxation, which promote the currency. -
@sarahjeong Those factors all matter, but the most important factor is just the "everybody uses it" one.
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