October 2014

Bitcoin is the Future Gold Standard

Submitted by Mathijs Koenraadt on Wed, 10/08/2014 - 19:46

If there really existed a lost city of gold, then the abundance of gold there would have no more value than concrete or red bricks. What makes gold valuable? Gold’s inherent value is based on three characteristics, namely: a) scarcity, b) the increasing difficulty to obtain new gold through mining operations, and c) the high cost to forge gold in meaningful quantities.

Towards a World Reserve Crypto Currency: The End of U.S. Hegemony

Submitted by Mathijs Koenraadt on Mon, 10/06/2014 - 21:42

Statements that the Western world unjustly controls or consumes the majority of the world’s wealth overlook the production side of the argument. For example, with a population of 317 million—or about 4.5% of the total world population of 7 billion—the United States of America produces 22% of all world output, the world’s largest market share. It is not entirely unfair to own a large share of wealth if you produce it, too.