Re: Bitcoin - What exactly is the big deal?
Speculators have been attracted to bitcoin, fueling volatility and price swings. As of July 2013, there is a relatively small use of bitcoins in the retail and commercial marketplace in comparison to a relatively large use by speculators.
That sounds like a recipe for disaster.
Max Photon says
Gold Standard Simplified
Circulating physical gold harmonizes human activity.
Synthetic credit pits man against man.
Promises kept harmonize human activity.
Promises broken pit man against man.
Trust harmonizes human activity.
Distrust pits man against man.
Trust reflects faith in others.
Having faith in others is extending credit.
Credit comes from the Latin credo: “I believe.”
To have faith in others — to extend credit — is to say “I believe in you.”
Spontaneous gold credit — in the forms of gold bills and gold bonds — is the ultimate expression of man’s faith in man.
Golden ages emerge from a radiant optimism reflected in faith, in credit, in trust. Golden ages emerge when promises are kept.
What is the gold standard simplified?
The value of a promise kept is infinite.
The value of a promise broken is zero.
Treat all your promises like gold.
We are deprived of a gold standard at the moment.
Be your own gold standard.
Be the gold standard for others.
(Good grief, I have to be the standard for, like, the entire damn Universe, so stop being such big babies.)
~ Max Photon
Be trustworthy and you’re golden!
"No, I better not look. I just might be in there."
—Foghorn Leghorn, Little Boy Boo