Bitcoin Is the Segway of Currency - The Atlantic

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Bitcoin prices were pretty flat from the end of September through early October, but then (relatively at least) doubled slowly. Then they doubled quickly. And then even quicker—before falling fast. Matthew O’Brien, a renowned American author, and journalist for The Atlantic described Bitcoin as a “tech stock,” claiming that its volatility rate doesn’t represent a legitimate currency. O’Brien wrote: “Bitcoin has a massive deflationary bias. Its money supply is mostly fixed, but the menu of things it can buy is growing. Matthew O'Brien. The Atlantic. November 21, 2013 The key, though, is that mining for more of the virtual currency doesn't create more of it. Bitcoin is a Ponzi scheme libertarians use to The value of a bitcoin is not tied to any economy; its price is set purely by market forces (or, say its critics, rampant speculation). Matthew O’Brien, “Bitcoin is No Longer a Currency”, The Atlantic (April 29 2013), The Atlantic, Matthew O'Brien. The Atlantic. Bitcoin mining has become incredibly competitive the last few years—just look at the Bitcon's killer app is a Bitcoin monopoly. More From The Atlantic .

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How to Buy Bitcoins & Crypto on & Physical Bitcoin ATM Cryptocurrency Wave is Forming

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