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Two comments: 1. Without the decentralized network that you mention, a bitcoin has no value. But the decentralized network requires some level of acceptance fo
by millstone 14y ago
Two comments:
1. Without the decentralized network that you mention, a bitcoin has no value. But the decentralized network requires some level of acceptance for anyone to run it. So bitcoin's value depends on its acceptance, in a way that gold does not.
2. Bitcoin certainly incurs inflation risk - the large recent drop in the purchasing power of a bitcoin is inflation, after all. Perhaps you meant "without risk of manipulation by the currency issuer," but currencies may move for many other reasons.