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  • There is nothing about the Bitcoin to make it a functional practical currency. Money supply is a planning instrument of countries alongside taxation. Even without precious metal backing going beyond Betton Woods we still have a number of mechanisms such as the World Bank, IMF, ECB and a number of alliances and pacts to prop things up.

    I accept the argument that a currency without a military force to incensive its use is weaker than those with it however I really don't understand the analogy with 'tulips' in anyway.

    A tulip has no actual or potential practical use other than looking & smelling nice. The tulip bubble was purely down to people speculating the price would increase. No one was buying 'tulips' thinking someday someone is going to figure out a really valuable use for these plants.

    The tulip bubble is as much more in common with the current bubble for pieces of art.

    http://www.telegraph.co.uk/culture/art/artsales/9850514/The-most-expensive-artworks-in-pictures.html

    Apparently spending £158 million for this childish scrawl is a 'good' investment.

    That being said I am worried by the Chinese authorities movements against Bitcoin. The greatfirewall has shown if they want they can control decentralised technologies without much bother. Chinese ebay has banned the sale of bitcoin mining devices.

    http://www.coindesk.com/chinas-ebay-bans-bitcoins-and-mining-gear/

    A currency that can't be used in the worlds largest economy has less value.

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