The Adam Smith that we never hear about, taken from the excellent book by Michael Goodwin, Economix.
"Bitcoins [are] a combination of a commodity and a fiat currency (creating the coins is referred to as “mining” and they have value only because people accept them). But boosters inflated a Bitcoin bubble. Shortly after the currency launched, articles spread around the internet arguing that Bitcoins would protect wealth from hyperinflation and that early adopters would make a fortune. The dollar price of a Bitcoin currency unit climbed from a few cents in 2010 to a peak of nearly $30 in June 2011 (see chart), according to data compiled by Mt Gox, a popular online Bitcoin exchange. Inevitably, the currency then crashed back down, bottoming out at $2 in November 2011."
The economics of Bitcoin are something fascinating and dominated the discussion at the last party I attended. We’re a real lively bunch.
U.S. Customs Agents Intercept a Bunch of Fake Louboutins, Will Now Try to Impress Their Friends (Jezebel)
If reading about this seizure didn’t lead you to recall the image above, you don’t know comedy.
The problem of wanting this…
($10 000 CDN Bianchi)
When one can barely afford this…
($700 CDN Jamis)
So one settles for this…
($180 SuperCycle Medalist)