Re:Why Bitcoin Matters for Africa
by wyager on Monday February 24, 2014 @01:40AM
(#7289417)
>The outrageous swings of bitcoin hour by hour have the same issue.
Bitcoin loses, at worst, maybe 50% of its value over the course of a few weeks. The Zimbabwe dollar lost 99.99% of its value over the course of a few weeks.
Of course, on larger time scales, the volatility of Bitcoin has been in a distinctly upward direction. So yeah, I guess Bitcoin has kind of the opposite problem of the Zimbabwe Dollar (if you can call it a problem).
And then, of course, Bitcoin will probably stabilize over time. New currencies are not historically stable.
Bitcoin loses, at worst, maybe 50% of its value over the course of a few weeks. The Zimbabwe dollar lost 99.99% of its value over the course of a few weeks.
Of course, on larger time scales, the volatility of Bitcoin has been in a distinctly upward direction. So yeah, I guess Bitcoin has kind of the opposite problem of the Zimbabwe Dollar (if you can call it a problem).
And then, of course, Bitcoin will probably stabilize over time. New currencies are not historically stable.