Brief Bio: Born in Vancouver, British Columbia. Flowering career in construction sector (drywall taper) aborted by severe recession (1982). Received Ph.D. in Economics from the University of Western Ontario (1994). Taught as a university professor for over 20 years. I now work in the Research Division of the Federal Reserve Bank of St. Louis and I write this blog mainly in my spare time (it is not a part of my formal duties). I welcome comments and (constructive) criticisms. Feel free to email me if you would like to discuss issues in greater detail.

Monday, October 24, 2011

The rise and fall of Bitcoin

Apparently, it's not so easy setting up a competing currency with a stable value. Bitcoin seems to be having a hard time as of late, losing more than 90% of its value since it's June peak; see here (h/t Fernando Martin). It will be interesting to see how the Bitcoin issuers respond to these challenges.

P.S. Steve Williamson provides a nice economic summary of bitcoin here. 
Posted by at 9:02 AM

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