... @wsj take on #bitcoin contradicts itself
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So is a single bitcoin worth $500,000, $5,000, $500 or $0? I’m inclined to say $0, especially if bitcoin’s value depends on it being adopted as a global digital currency to replace dollars.
09/26/17
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Even if bitcoin worked better, it is in a Catch-22 because of Gresham’s law, the nostrum that bad money drives out good. Given the choice of spending inflationary government-issued money or something which holds its value, everyone would spend the bad paper stuff and hoard the bitcoin.
09/26/17
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metamitya
metamitya
the author claims that bitcoin is worth $0 because it will never be adopted as the global currency
09/26/17
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metamitya
metamitya
it wont be adopted bc the dollar is inflationary: loses value, while bitcoin keeps value so no one will spend it
09/26/17
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metamitya
metamitya
in other words bitcoin cant replace the dollar bc it's too valuable to spend... and so it will be $0?
10/11/17
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metamitya
metamitya
what?
09/26/17