Re:What’s Not Being Said About Bitcoin
by balls187 on Friday February 28, 2014 @01:28PM
(#7320535)
Perhaps it fails in that it's less efficient than an open unregulated market.
And it's a monopoly.
But outside of economic theory and beliefs, how is that necessarily a bad thing?
The US Dollar is a single currency, so it is a monopoly, but it has allowed for the growth of interstate commerce, as opposed to allowing any institution to use it's own currency.
The Euro is another example--now I know many of my EU brethren may not be happy by the Euro, but as a consumer, using a single currency while in Europe has distinct advantages.
And it's a monopoly.
But outside of economic theory and beliefs, how is that necessarily a bad thing?
The US Dollar is a single currency, so it is a monopoly, but it has allowed for the growth of interstate commerce, as opposed to allowing any institution to use it's own currency.
The Euro is another example--now I know many of my EU brethren may not be happy by the Euro, but as a consumer, using a single currency while in Europe has distinct advantages.