re: #145 Dark_Falcon

A response to Kudlow, from a Forbes contributor. forbes.com

With them [venture capitalists], however, it starts to resemble a new kind of banking. One without a central authority, yes, but one with much lower overhead, too. Bitcoin isn’t designed to replace the dollar, the yen or the euro. That makes CNBC’s Larry Kudlow’s recent screed all the more mystifying: “[B]itcoin is not real money. It is not a reliable medium of exchange, nor is it a reliable store of value. It has no central bank regulation, network operations or even centralized issuance. And because of its wild price fluctuations, bitcoin can never be a reliable payment system.” But Larry, you can get Bitcoins for payments the instant you’re ready to purchase something, making you indifferent to the exchange rate. The merchant can turn those coins back into their currency just as quickly for a fee far lower than what they pay to take your credit card. Oh, and they get paid faster than a bank pays them too. Kudlow doesn’t have a Nobel Prize in Economics. But he’s every bit as off base as Shiller.