[cryptography] Digital cash in the news...

John Levine johnl at iecc.com
Mon Jun 13 20:52:22 EDT 2011

>> Now I find I can exchange a little over five bitcoins for 
>> a £50 Amazon gift certificate that Amazon seems happy to 
>> credit to my account.

>Your example is about two actors: Amazon and BitCoin, acting within small
>amounts of goods, services and issued currency.

No, it's not.  There's someone who will trade you Amazon gift
certificates for bitcoins.  He prices the bitcoins at the market rate,
planning to make his profit from the Amazon affiliate commission, and
presumably whatever price increase he gets so long as the bitcoin
bubble continues to inflate.  Amazon neither buys nor sells bitcoins.

I still am not aware of anything you can actually buy for bitcoins (as
opposed to trading them for various kinds of real and fake money)
other than drugs.


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