The Market Ticker - Bitcoin Interview w/VOR
The Mt.Gox and Bitstamp debacles prove that Bitcoin is not a perfectly secure currency and that the “Bitcoin ecosystem” is quite dangerous. True or false?
It is true but not because of these problems. Bitcoin has never been a currency, because in order to be a currency it needs to be two things. First, it needs to be a medium of exchange so you and I can transact in various goods and services. That requires wide acceptance. It also needs to be a stable store of value so that I can place a certain amount of value from my economic efforts into that particular currency and retrieve it at a later date.
Source: http://www.market-ticker.org/akcs-www?post=228725
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By this definiton all FIAT currencies fall into the trap of wide acceptance and due to hyper inflation as well as the current devaluation crisis your dollar at a market stall in say Xian China will fetch many times less than the official exchange rate as a medium. There has been nothing backing the FIAT Dollar and it is only worth whatever someone is willing to exchange it for, just like seashells or Bitcoin. People also collect stamps, exchange and sell them. A stamp has a certain value in that it is a gurantee of a certain service to a person mailing a letter, perhaps the Post Office should issue Crypto currency stamps as the worlds second currency, at least we will have something to fall back on when the Dollar collapses taking everyting with it, which is of course why people are using the new Cryto Currencies and this article along with a vast number of scare stories are trying to get you to put your devaluating Dollars in a sock under the matress.