Tuesday, March 19, 2013
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300 million dollars out of thin air: Bitcoin turns four and approaches $30 value
Money is a delusion – but a delusion that works as long as it's shared. The value of a U.S. dollar was once tied to a government guarantee that you could, at any time, exchange it for a quantity of precious metal – but since America officially abandoned the gold standard in 1971, its value is now more or less rooted in its ubiquity. If large swathes of people decided they would no longer accept it, it would suddenly be worth a lot less.
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