Is Bitcoin in any way valuable? [View all]
In light of the MT. Gox blowup, I wish to start an discussion; is there any real value to Bitcoin?
I will offer my opinion, which I admit, can be wrong.
The idea behind bitcoin is not a terrible one. We DO need some form of currency that is not based in traditional sources, if nothing else because those sources tend to be running out, or at the very least, sources of national strife. There does need to be a way of defining value in other forms, energy, labor, not just geological stuff.
That being said, there is nothing backing or regulating bitcoin. If the UN got involved, maybe there could be something, as they could value currency and have the reach to prevent the shenanigans that every state engages in.
As is now...it is nothing, a con game at best. My hope is that perhaps it could be retooled into an actual tool, something to prevent the wars that will result from gold or petroleum.
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