[LINK] Fwd: BitCoin DDoS and/or Wallet-Hack

Jim Birch planetjim at gmail.com
Thu Apr 18 14:50:05 AEST 2013


UQ Economist John Quiggin's take on Bitcoin:

http://nationalinterest.org/commentary/the-bitcoin-bubble-bad-hypothesis-8353

"The sudden drop in the value of Bitcoins, the hot new Internet currency,
has added urgency to the question of whether Bitcoin is the way of the
future, or just another bubble. Not to keep readers in suspense, the answer
is a bubble, but a particularly interesting example of one. In particular,
Bitcoin represents what ought to be the final refutation of the
efficient-markets hypothesis, which still guides most regulation of
financial markets."

An "asset" that has no inherent value, productive or consumptive, unlike
gold or tobacco, has no organisation backing its value, unlike US dollars
which the US government will accept indefinitely as payment for tax
liabilities, and, which it only makes sense to hold if you expect its value
to escalate is about as pure a bubble as is logically possible.

- Jim



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