Chris Duane joined us today. He has been a leading BitCoin doubter. He believes that it’s simply another unbacked currency with no fiat backing it up. He stated that over 70 percent of the BitCoin units have never been circulated and 25 percent of the units are owned by one individual. What happens when the networks go down and your wealth is held in BitCoins? Finally you can’t take a BitCoin and go to the convenience store and buy a loaf of bread. So the entire portability issue hasn’t been solved yet. And BitCoin like any other currency works only when there’s confidence. Anything that negates confidence will undermine it’s value.
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