Bitcoin, impressive but flawed

Real Currencies

Bitcoin has already shocked both the establishment and the blogosphere.
A privately controlled currency, completely independent from Government backing.
Bitcoin leads the way in many respects, but is ultimately flawed: it was built on false premises and does not address the key issue, interest.

By Anthony Migchels
This article was updated for Henry Makow and originally posted at Activist Post.

Bitcoin was developed by Satoshi Nakamoto and launched in January 2009. There are currently more than 8 million Bitcoins in circulation and after predictable major price swings after its launch, they have traded at a fairly stable rate of about 5 dollar for more than six months now.

Bitcoin basically is a debt free unit: it comes into circulation through ‘mining’: the solving of complex algorithms by clients yields new Bitcoins. However, no more than 21 million can be mined so there will never be more than that in…

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