Sir_Sri has it right - fiat currency is a great advancement over previous commodity-based money. Remember, money is not a store of wealth, it is a economic transaction tool.
Wealth is not a store of money. Wealth is a real asset that has high money value, and has potential for yielding greater economic benefit in the future.
Money is not wealth.
So they will replace the euro, a currency that locks multiple countries into a essentially a fixed exchange rate mechanism, which a central bank that refuses to issue sufficient liquidity to meet market requirements for transactional currency.... with....
Bitcoin, a currency that would also be essentially a fixed exchange rate mechanism (no different than euro spanning multiple countries), but even worse - not a chance of the central bank expanding money supply to meet requirements for a transational currency.
Bitcoin is worse than the gold standard, because at least gold has a few industrial uses.
Slashdot Mirror
Sir_Sri has it right - fiat currency is a great advancement over previous commodity-based money. Remember, money is not a store of wealth, it is a economic transaction tool. Wealth is not a store of money. Wealth is a real asset that has high money value, and has potential for yielding greater economic benefit in the future. Money is not wealth.
So they will replace the euro, a currency that locks multiple countries into a essentially a fixed exchange rate mechanism, which a central bank that refuses to issue sufficient liquidity to meet market requirements for transactional currency.... with.... Bitcoin, a currency that would also be essentially a fixed exchange rate mechanism (no different than euro spanning multiple countries), but even worse - not a chance of the central bank expanding money supply to meet requirements for a transational currency. Bitcoin is worse than the gold standard, because at least gold has a few industrial uses.