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June 28, 2014, 12:40:09 PM

Mervyn, Are you saying bitcoin doesn't create wealth?

Yes, exactly! Bitcoin doesn't even aim to create wealth. It aims to store and transfer wealth, but because of it's overly simplistic financial properties, it fails to succeed in it's goals. Without a mechanism to keep stable unit value, bitcoin is a gimmick of an currency, that is more of an innovative gambling platform, then a serious financial tool.
Bitcoin has transferred $7.7 Billion to it's owners

Sure looks like it's succeeding.

 Grin