Bitcoin deemed World's Worst Currency in 2014

[Mooshi]

What? A made up currency with no real world backing that constantly fluctuates was bad? Are you mad! It's brilliant! /s

[SpaceCore]

"In fact, bitcoin did so poorly this year, Bloomberg says that it was the world's worst currency for 2014."

I wonder what makes it the worst compared to the rest.

[Colonel_Gerdauf]

"In fact, bitcoin did so poorly this year, Bloomberg says that it was the world's worst currency for 2014."

I wonder what makes it the worst compared to the rest.

Please use auto for text format.

[shizngiggles]

Its not suppose to be a currency , its just to push the worlds issues with economy.

 

It's developed purpose doesn't change the fact that by definition it is a currency.

[ZetZet]

Now, if only the world would realize that bitcoin has the exact same actual value as the currencies we currently use.

 

Please note, I said actual value.

It doesn't. The currency we use rests on the whole country, be it USA or in Europe it rests on whole europe. Bitcoin has NO guarantees.

[shizngiggles]

It doesn't. The currency we use rests on the whole country, be it USA or in Europe it rests on whole europe. Bitcoin has NO guarantees.

 

What a lot of people don't understand is that one of the main reasons fiat currencies work at all is due to the backing of the host country it was developed for. The currency holds buying power in that country which gives it value. However, fiat currencies have absolutely no intrinsic value. Were the country to take a large economic hit as we saw in Russia with the recent ruble crash, the value of that currency would depreciate pretty quickly. Bitcoins value is noted to be based on the computational power required to "mine" a bitcoin. However, if it's not recognized to hold any value in purchasing goods by the public it will effectively become useless.

[ZetZet]

What a lot of people don't understand is that one of the main reasons fiat currencies work at all is due to the backing of the host country it was developed for. The currency holds buying power in that country which gives it value. However, fiat currencies have absolutely no intrinsic value. Were the country to take a large economic hit as we saw in Russia with the recent ruble crash, the value of that currency would depreciate pretty quickly.

Yep. They think it's just made up numbers, but as we know printing more money does not actually make you more money.  :lol:

[shizngiggles]

Yep. They think it's just made up numbers, but as we know printing more money does not actually make you more money.  :lol:

 

The lack of knowledge in currency and commodity exchange rates makes me really wish macroeconomics was a mandatory course in public education. I have a friend who works in the oil fields in ND who's convinced that the recent collapse in crude oil prices is a good thing for them up there and claims it will further secure his job in the North Dakota oil industry. What he doesn't understand is that crude oil prices are the prices the oil producer is selling their oil for and unfortunately for him low oil prices could mean he will be out of a job if they decide to reduce or even stop oil production in ND.

[LeprekonKilla]

Did anyone else watch the Bitcoin Bowl the other day? The commercials were just painful...