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What Gives Cryptocurrencies Their Value

What Gives Cryptocurrencies Their Value

Authored by Peter St.Onge via The Mises Institute,

The value of cryptocurrencies like bitcoin, just like any other kind of money, comes fundamentally from what you can do with it. As a follow up to What Backs Bitcoin, I want to dig into that value.

The idea, which comes from Austrian economist Carl Menger, is that just as a shovel’s value comes from its ability to dig, a currency’s value comes from its ability to help you do two things: transactions and savings.

Martin Shkreli May Need To Forfeit Wu-Tang Clan Album

Martin Shkreli May Need To Forfeit Wu-Tang Clan Album

The Brooklyn prosecutors who won a guity verdict against former pharmaceutical CEO Martin Shkreli over the summer are demanding the “Most Hated Man in America” forfeit $7.4 million in cash and assets as part of his punishment.

In order to do this, Bloomberg says Shkreli will likely need to surrender the $5 million bail he posted in late 2015, and the one-of-a-kind Wu Tang Clan album he purchased for more than $2 million shortly before his former company, Turing Pharmaceuticals, was exposed for hiking the price of Daraprim, a live-saving AIDS drug, by 5,000%.

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