BitCoin is so too Fungible!

Via The Atlantic, I came across this argument that Bitcoin is doomed by yesterday’s IRS announcement that virtual currencies are "property" for tax purposes. The gist: this ruling has destroyed BitCoin’s fungibility – i.e. that necessary property of currencies where one individual unit is as good as another. In the case of US dollars, this…

Is Bitcoin a Bubble?

Is Bitcoin a bubble? That seems to be the fashionable thing to say about it right now. I disagree, though. Let’s start with terminology confusion. Justin Fox does a pretty good job in his HBR article Building a Better Bitcoin of explaining why you have to be careful with your terms here. Classically, a speculative…

Is Bitcoin Dangerous?

There are plenty of nonsensical arguments against Bitcoin on the web. This morning, I was fortunate enough to come across an essay that collects most of the intelligent ones. Let’s go through them and see how they stack up. (1) Bitcoin is not really stateless because it leaves a permanent transactions record. The concern here…