[Chugalug] Bitcoin = scam

John Aldrich jmaldrich at yahoo.com
Wed Aug 7 18:01:42 UTC 2013

Quoting Tyler Mittan <flashbatmanquestion at gmail.com>:

> Don't treat it like it's something that's away from the law of supply and
> demand. Nothing has its value ?set" unless there is some kind of price
> control. The value is set by the law of supply and demand.
> If there truly is finite amount of bitcoins that are being created than the
> worth of a bitcoin will not be able to one day be worthless unless
> everybody decides to stop taking bitcoins. Right now it is almost a
> currency, but it won't be such as long as the us government decides it
> doesn't want a competing currency.
> There are some good economists that talk about bitcoins and it might be
> worth reading what they have to say before knocking it.
Exactly. Now I don't have a dog in this fight because I don't mine  
bitcoins or own any. However, the argument that the US dollar has  
value because people accept it as payment also holds true for  
Bitcoins. As long as people are willing to accept it, it has value.

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