Re:BitCon: Don't
by drorweiss on Tuesday April 09, 2013 @08:02AM
(#5517519)
Very interesting post, but as I'm not going to be buying or selling pot for bitcoin, I'm not sure the concerns are relevant.
Seriously, I imagine that the transition from currency made of actual gold that was worth its value to symbolic currency, especially notes, was a harder transition than switching from some abstract numbers in dollars to abstract numbers in bitcoin.
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Re:BitCon: Don't
by imatworkyo on Tuesday April 09, 2013 @08:40AM
(#5517643)
remember now - gold has no 'worth'
Its only valuable because of its utility as currency, and its standardization as such
That's not true at all. Aside from it's use in jewelry, gold is used in electronics and industrial chemistry. It actually has industrial uses, thus there is a certain floor on it's value.
However, that floor (due to industrial/etc uses) is probably in the neighborhood of $10-$20 per Oz, or completely decoupled from the actual price at any given time in written history.