[cryptography] Bitcoin, was Nirvana
johnl at iecc.com
Sun Sep 25 21:20:14 EDT 2011
> You mention a commodity backed system but the reasons for it failing
> are not the fact that it's commodity based.
It was that, being a metal-based currency there was no central bank
(other than, perhaps, JP Morgan) to provide liquidity in a crunch.
I've found that it's a waste of time to try to teach economics to
Bitcoin true believers, so I'll stop now.
More information about the cryptography