

Sorry, Bitcoin Isn’t a 'Currency' - pkhamre
http://go.bloomberg.com/market-now/2013/03/21/sorry-bitcoin-isnt-a-currency/

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mtgx
I welcome good criticism of Bitcoin, but that one seemed like a poorly written
article.

His main arguments were that "nobody buys anything except drugs with Bitcoin".
Well that's just completely false.

And the second was that Bitcoin is used mainly for speculation. Could be true,
but I don't think that will always be true. Probably just an early life
"feature" of a currency made from scratch. When it's so "little" of it (value
wise), it's easy to increase its value hundreds of percentages overnight, just
like when we saw Android grow 900% in a year back in 2010 I think. But then it
levels off, when the rule of numbers goes into effect. I'm pretty sure that's
what will happen to Bitcoin, too.

When a country creates a new currency, the speculation might not be that high
because all of the sudden that currency is worth _a lot_ , backed by all the
assets of that country. So it starts off at a pretty high value level. Bitcoin
couldn't have afforded to do that, unless there were some billionaires putting
all their money into Bitcoin from day one.

