4 ms·
I don't quite buy the analogy. Seems to me that part of the problem was having tokens that could only be exchanged for one thing, and even then at a fixed excha
by jl6 14y ago
I don't quite buy the analogy. Seems to me that part of the problem was having tokens that could only be exchanged for one thing, and even then at a fixed exchange rate.
- dsr_ 14y agoHere the problem is that bitcoins are illiquid: you can't spend them freely on most goods and services, and you can't get a consistent exchange rate into a liquid currency, and the supply problem means that hoarding is sensible... right up until the crash.