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Someone in the comment section of the article linked to a fascinating chart: http://24.media.tumblr.com/tumblr_mb77t0ygoF1qfrvjzo1_1280.p...

It shows bit-coin value to USD, gold, silver, and crude. It's fairly stable against the commodities but drastically spikes in value against the dollar. Our Fed at work...

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So bitcoins are a commodity like unto gold, silver and crude, and behave the same way. Cool, but for practical use as a currency it would be better if they were correlated with USD/EUR/JPY, food, labour and other things that normal people want to buy.

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