Re:Ask HN: What is "Wall Streeters" take on bitcoins
by Hoozt on Tuesday December 03, 2013 @03:45PM
(#6843064)
As if fiat currency were so much more stable; as if "modern" currencies such as the euro hasn't been a complete fiasco. I don't see your point here, although, it does actually answer the question in some way, at least if you are part of the group of people mentioned in the topic.
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Re:Ask HN: What is "Wall Streeters" take on bitcoins
by deeths on Tuesday December 03, 2013 @08:52PM
(#6844513)
By the obvious definition of "Stable" of "Not subject to sudden or extreme change or fluctuation," I don't understand how you can compare the stability of Bitcoin as in the same league as traditional currencies.
BitCoin's 1000% rise in 3 months would seem to put it well outside the traditional conception of stable. Keep in mind, since the benefit of currency stability is to protect both buyers/borrowers and sellers/lenders, a rise is as damaging to stability as a fall (just impacting a different segment of the transaction).
While there are a few examples of fiat currency experiencing hyperinflation, it's almost always been the result of extreme political uncertainty. In a normally functioning political environment, the change in currency value may still be significant, but tends to be fairly stable (even if it changes, it changes within a predictable range).
That's clearly not the case with bitcoin.