Bitcoin to the rescue

Enter bitcoin. All kind of vibrant economic activity is occurring in this informal economy, which in some regions is between 20-60% of GDP or more, and every economy needs a currency. Essentially, bitcoin is the ‘System D’ of currencies — global, decentralized, and non-state sanctioned.

7 comments on “Bitcoin to the rescue
  1. mijj says:

    Bitcoin is constrained by mathematics like gold is constrained by physics. Both are products of, and limited in volume by, the laws of nature. So why are we allowing ourselves to be screwed by the arbitrary creation of fiat, whose sole purpose seems to be to transfer wealth to the fiat creators and their buddies?

  2. solv says:

    Because the fiat gang have the guns and the lawmakers on their side.

    Gold for store of value, Bitcoin for transaction. Free at last!

  3. Tuxavant says:

    Actually, Solv, bitcoin is a great store of value over a long period of time. #1, it’s more deflationary that gold, #2 you can encrypt and duplicate your bitcoins so they can never be destroyed or stolen/seized.

  4. MonsantoUSABioterrorists says:

    Why just one Bitcoin. This concept of electronic money without the central banksters parasites can be multiplied. I expect there will be many bitcoins, not just one.

  5. Peter Pan says:

    I understand the benefits of Bitcoin as stated under the article title. Can anyone tell me what happens to Bitcoin if government decides to take the power grid down. It happened in the past to exacerbate a crisis (in Russia for example), so it will happen here. Do you really believe the crooks who run these world with allow you to use Bitcoin? Any activist of the Bitcoin, do me a favour and explain how you are going to use your Bitcoins when:
    -power grid is down
    -internet is down
    -both are down
    -some “strange and unknown” virus begins to rack computers that keep records of bitcoing transactions
    -major ISP’s begin to block protocols that Bitcoin uses for transactions
    Can anyone give me an answer? Please.

  6. Samuel Lay says:

    Peter Pan, the block chain will go on in the rest of the world, your bitcoins safe for when you leave the country. Contrast that to trying to get out of the country with some gold.

  7. Peter Pan, you ask some good questions. On a small scale individual computer data could be kept safe with solar energy. As for ISPs, the internet going down etc., I guess encryption and proxy servers might help. I am not a nerd or hacker and do not pretend to be an expert.

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