Quote from: bitteeinbit on February 02, 2015, 03:22:54 AM

Good point about confiscation (e-gold). What about stability? Without being backed by a commodity, how do we keep the value of Bitcoin stable? Under a gold standard, the stability of the money is pegged to the value of gold.

Quote from: jonald_fyookball on February 02, 2015, 03:20:58 AM

I assume you mean a free market doesn't exist today.

Of course it doesn't. Central banks and fiat money have nothing to do with a free market. In a free market there's a complete separation between state and economics.

Since the number of Bitcoins is constant, the value will be determined by the demand. But the demand can change, and then there are no mechanisms to correct it.

Why does there need to be? If demand increases or decreases, price will follow.

If your concern is fluctuation, well.... Everything fluctuates. there is no currency, commodity, asset, or anything else on the planet whose value doesn't fluctuate relative to other things.

You seem smart enough that you already understand the pros and cons of Bitcoin.

Not sure what exactly you wish to be convinced of or what your point is with this thread.