BITCOIN: A NEW CURRENCY – OR A NEW SCAM?

BITCOIN: A NEW CURRENCY – OR A NEW SCAM? And Pretty Soon You Have Some Real… What? I planned to spend the month of January clearing out files and getting old interests off of my computer to make room for new ones rather than doing any writing but a... More

BITCOIN: A NEW CURRENCY – OR A NEW SCAM? And Pretty Soon You Have Some Real… What? I planned to spend the month of January clearing out files and getting old interests off of my computer to make room for new ones rather than doing any writing but a telephone call from a person well informed about banking, bank regulations, the American legal system, and many other things (including USA, Inc.), and it changed my plans. He called and asked a simple question: “What’s your opinion of Bitcoin?” I’ve had many other friends ask… and have avoided an answer – until now. Banking, not currency, is my area of expertise… but the two concepts overlap. Without money, what good is a bank? What is money? Before I address the topic of Bit coin, this question must be answered. What is money? What is wealth? What is profit? The three are intertwined, but they are not the same thing. Money is a reward for labor and risk management. People who run their own independent businesses are rewarded with profit fo Less