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"The virtual currency's value rests, in the final analysis, on nothing but the faith of the community that supports it. The faith can be relatively easy to und
by parceltape 10y ago
"The virtual currency's value rests, in the final analysis, on nothing but the faith of the community that supports it.
The faith can be relatively easy to undermine, of course. In 2013, bitcoin plummeted from its high because of a December move by the People's Bank of China, which banned mainland banks from dealing in the cryptocurrency."
Is this not a contradiction? Clearly it shows the value of Bitcoin responds to political events in the same way as any currency does.
- runeks 10y agoIt's a recursive definition, at least. They say the value rests on the faith of the community, and that this faith can be undermined by a change in value/price. But I guess this is an accurate description of the value of money: it's worth something because it's worth something.