[FoRK] bitcoins vs. alchemy
Gregory Alan Bolcer
greg at bolcer.org
Wed Dec 5 16:54:19 PST 2012
Apparently they've said they've considered that and are able to
arbitrarily devalue it at will.
And those who say it's not a fiat currency...fully informed:
On 12/5/2012 4:26 PM, Joseph S. Barrera III wrote:
> There would never have been a gold standard if alchemy were possible.
> The supply of gold is roughly constant. That's a precondition of the
> gold standard.
> But crunching bits improves every day... clock rate and algorithms and
> better architectures (GPUs). And amazing things can be done when solving
> a very specific problem (e.g. mining bitcoins).
> So what rational person would invest in bitcoins?
> - Joe
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