On: Bitcoin Is Fundamentally Flawed

[chipsy]

IMHO, this isn't a failure. We know that it's not going to be a business-as-usual currency. Easy credit is an incentive for business; inflation is an incentive for consumers. Governments have much better control over that.

BC is better understood as a commodity market with a simpler financial instrumentation. Instead of trading contracts for goods, you are able to trade the good itself, at internet speed and scale. That's a big innovation and we've only started to realize the consequence of it.

[betterunix → chipsy]

Except that Bitcoin is not a commodity (as the term is commonly understood) because it has no use other than as a currency.

[BerislavLopac → betterunix]

Which only means that its value can drop to zero, unlike other commodities.

[dcc1 → BerislavLopac]

Actually bitcoin is great for laundering, so it will always have "some" value

[betterunix → dcc1]

Only as long as there are legal uses for it; otherwise, it is as good as laundering money by buying and selling cocaine.

[kruhft → betterunix]

It creates discussion. That has to have some value on the internet, especially for ad based sites.

[metaeaux → betterunix]

http://blog.oleganza.com/post/42262765318/direct-use-value-o...