Bitcoin’s problem: The state chooses what is acceptable money

By Marshall Auerback
(This post was first published on Alternet)
Is the bitcoin craze another in a series of history’s most infamous bubbles, or is it a genuine harbinger of a new global financial architecture? In spite of recent market turbulence, its champions see bitcoin (and its cryptocurrency peers) as an ideal market-generated solution as questions arise about the future viability of paper currencies in a global economy characterized by sky-high indebtedness and bloated government/central bank balance sheets. The enthusiasts behind cryptocurrencies produce debt clocks that relentlessly tick over to get us to believe that a Weimar–style hyperinflation is imminent. By creating an alternative store of value outside the control of easy-money-peddling central banks, and their corrupt Wa...


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