This Trippy Video Explains Bitcoin in Under 4 Minutes
The mysterious digital currency has spiked in value — but what is it?
I am so tired of hearing about BitCoin.
It is NOT a CURRENCY, its is a COMMODITY. Also a commodity (even if it could be a currency under something like barter), is not an ‘economy’, at best its a market. An economy is much more complex than a market and certainly a single commodity.
This acts just like an arbitrary commodity. Like sea shells, or gold.
And surprisingly for all the rhetoric about sustainable and lasting value, I dont see any really aside from the perceived notion that the currency has value to begin with. The best way for owners of BitCoin to increase their wealth is make it seem valuable to begin with so others will want to buy it. Thus the most logical outcome would be increasingly more vocal advertisement for Bitcoin in order to drive value.
The whole presupposition of Bitcoin is that people will attribute abstract value to the ‘currency’ or more accurately described ‘abstract measure of exchange value’.
This could be anything. Beanie babies. Sticky notes.
It is simply creating meaningless value in the guise of a ‘currency solution’ where really none exists.
It will never replace real currencies and divorces the notion of work or labor from value which can become increasingly dangerous.
A better solution in my opinion for those frothing at the mouth to do away with centralized banking is something like the Bristol Pound. Local currencies tied to communities that help circulate local exchange value to drive local reinvestment.
alright, need to start my day, maybe more later…..