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Bitcoins for the Kiddies

- Hugo Salinas Price - Plata.com

This must surely be one of the most poorly thought out articles to ever grace this site. It is filled with false assumptions and internal contradictions. Let me just point out 2 of the latter and then i will get on with my day.

HSP starts by giving us his definition of what a fiat currency is: " What is a fiat currency? It is a fictitious currency foisted and forced upon people by a government edict." If that is true (notice how i am not dealing with the fictitious part in his claim) then how can he call Bitcoin a fiat currency? Its creators are not the government of any nation, state or even city, but private individuals. By his own definition, Bitcoin cannot be a fiat currency.

He then goes on to claim that "In order to obtain Bitcoins you must purchase them for dollars or some other currency at the current rate of exchange." That is not true and HSP himself tells us that is so when he tells us that Bitcoins can be mined by those who are able to solve math problems. So, which is it? He cannot have it both ways. If they must be purchased with dollars, the possibility of mining for them would not exist.

That aside, the rest of the article is richly littered with half truths and complete misunderstandings of his subject matter. But i will not get into those. Suffice it to say that i rated this piece of tripe zero stars, which are a few more than it actually merits.

Commented 3905 days ago

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Beginning of the headline :August 15, 2013, 42 A.N. (Anno Nixonis) Our world is awash in fiat currencies. What is a fiat currency? It is a fictitious currency foisted and forced upon people by a government edict. The currencies of the world retained at least a vestige of authenticity up until the fateful August 15th of 1971. On that day, President Nixon reneged on the Bretton Woods Agreements and refused to deliver any more gold from US reserves, in exchange for dollars. At the same moment, all currencies in the world... Read More

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