UQ Economist John Quiggin's take on Bitcoin: http://nationalinterest.org/commentary/the-bitcoin-bubble-bad-hypothesis-8353
"The sudden drop in the value of Bitcoins, the hot new Internet currency, has added urgency to the question of whether Bitcoin is the way of the future, or just another bubble. Not to keep readers in suspense, the answer is a bubble, but a particularly interesting example of one. In particular, Bitcoin represents what ought to be the final refutation of the efficient-markets hypothesis, which still guides most regulation of financial markets." An "asset" that has no inherent value, productive or consumptive, unlike gold or tobacco, has no organisation backing its value, unlike US dollars which the US government will accept indefinitely as payment for tax liabilities, and, which it only makes sense to hold if you expect its value to escalate is about as pure a bubble as is logically possible. - Jim _______________________________________________ Link mailing list [email protected] http://mailman.anu.edu.au/mailman/listinfo/link
