[ExI] Bitcoin

Gordon gts_2000 at yahoo.com
Fri Apr 12 11:51:19 UTC 2013

Michael LaTorra <mlatorra at gmail.com> wrote:

> The Atlantic magazine Online has an interesting column about Bitcoin that aggregates opinions from many other sources. Bottom line consensus is that Bitcoin is more like a stock share than a currency.

I spent some dozen years of my life as a financial adviser. I advised my clients about their investments in stocks, bonds, options, precious metals, real estate and so on. I would say Bitcoin is more like a precious metal than a stock.

It does however suffer from one important disadvantage vs. a precious metal that I have mentioned here a couple of times: unlike any given precious metal, there is in principle no limit to the number of digital currencies that can exist alongside Bitcoin. While any given Bitcoin-like currency is by design precious and scarce, digital currencies in general are not.

Meanwhile, this market correction has turned into quite a rout. After flying as high as something like 266 USD, Bitcoin plummeted as low as about 65 USD. As I write this, it trades at about 77 USD.

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