News for hackers. Stuff that matters.

A comment on The Target Value for Bitcoin is $100K to $1M. Parent comment

Re:The Target Value for Bitcoin is $100K to $1M by enraged_camel on Wednesday March 06, 2013 @03:15AM (#5330022)
>>People are not going to trade services/items to each other in a giant circle if the value of the currency is not hinged on a dollar amount.

Sorry, but this is categorically false. There have been many mediums of exchange in history that were not hinged on the fiat currency of their time. Bitcoin has the advantage in the sense that it can potentially become ubiquitous thanks to today's technology.

[ Parent | on HN ]
Re:The Target Value for Bitcoin is $100K to $1M by DanBlake on Wednesday March 06, 2013 @03:21AM (#5330042)
>> There have been many mediums of exchange in history that were not hinged on the fiat currency of their time.

I address that in my post (read it). Those mediums you mention have always been government/nation backed or had tangible value (spices/jewelery/precious metals/etc.). Also, you pretty much said it yourself in your post. There have been mediums. Not anymore, they didn't last.

[ Parent | on HN ]