I while back, I posted on a Forbes sponsored panel discussion where Marc Andreessen led a rather spirited defense of the project. He helped me see the issues more clearly. I had been thinking of bitcoin mainly as a speculative asset. It’s value has fluctuated wildly, and this looked suspicious. Marc pointed out that the long term benefits of bitcoin will be lower transaction costs. This will have a big impact on micropayments and cross border payments.
But I have to admit, the terminology is a bit weird. Coins?`Miners? today I see a BI article where a Fed Economist reflects on this. Bottom line: the terms may be a bit weird, but the underlying concepts are credible.