[cryptography] Bitcoin, was Nirvana

John Levine 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.


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