Dec 192013
Bitcoin, the Greater Fool's Gold

In a recent blog post, Bob Murphy succinctly asks a question that seems to get at the heart of the disagreements between Bitcoin proponents, and Bitcoin haters like me: There are people claiming that Bitcoin’s non-monetary price is zero, and hence if it’s trading for anything at all, it is in a bubble. But by that logic, gold’s non-monetary price might be (say) $250, and so if it’s trading right now for $1,250, then $1,000 […]