2012-11-03 Forbes(Matonis): ECB: "Roots Of Bitcoin Can Be Found In The Austrian

sunnankar

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Quote from: BCB on November 04, 2012, 06:18:05 PM

That will be the true test and the married guys here know what I'm talking about.

When the wives understand and realize the value of bitcoin (and ~~use~~ fear it), Bitcoin will have arrived.

Or maybe instead of putting money in the wives' pockets instead it will be in helping the married guys protect themselves from potential divorce ~~rape~~ inequitable consequences by being a form of wealth that cannot be seized, confiscated, garnished, etc.

If wives and divorce attorneys have to rethink the potential return on investment from wielding the State's confiscatory powers through divorce law then it may help reduce the divorce rate because it will not be as profitable.

Assuming she just views you as her personal cow to milk that has no options so she doesn't have to perform her part of the contract because of the current state of family law then why not regain some of your dignity and test out the effects from putting a few thousand bitcoins in a wallet(s) and not sharing the private key with your wife.

BCB

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BCJ

That will be the true test and the married guys here know what I'm talking about.

When the wives understand and realize the value of bitcoin (and use it), Bitcoin will have arrived.

kjlimo

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Quote from: hazek on November 03, 2012, 12:26:52 PM

Quote from: BCB on November 03, 2012, 12:22:54 PM

I didn't get the impression others felt that was a derogatory term.

Yeah, me neither.

My wife (an American) had that immediate response when the word scheme came out of my mouth... then again she hates bitcoin... for now

Until it makes money in her pocket, she won't be a fan. Sad

allthingsluxury

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Haha wow! What??

Central banks are a form of centralized economic planning so their stated responsibilities are suspect from the outset. Bitcoin represents an intangible math puzzle whose existence is solely restricted to transfer rights on a cloud-based public ledger. It more closely resembles an air guitar than a payment system for purposes of oversight.

Funny but wow.

istar

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The word scheme is also used for their own FIAT currency in the paper, so its a misconception, but that is a bagatelle.
The real big deal is how this paper does leave out that Bitcoin is designed to be inflation proof.

The other funny thing is that they mention the chinese virtual currency as a bad thing (though china is a totalitarian state) but leave out M-Pesa which is the same thing but is "seen" as good thing...

Its so obvious that they want to have a finger in the Bitcoin game.

Ofcourse to have anything to say, they would need to buy up lots of Bitcoins, and host a lot of miners and pay for auditing and development of the code and create a Bitcoin exchange.

Realpra

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Quote from: BCB on November 03, 2012, 12:22:54 PM

I understood it as scheme or schemata as in a database schema. I didn't get the impression others felt that was a derogatory term.

I was aware of both meanings, still they also used the word "threat" with Bitcoin.

It was a cold, objective and serious report from serious and smart people - who are non-the-less still clearly enemies of Bitcoin.

BCB

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BCJ

hmmm.... Yes but not in a scientific/academic sense. Are you American? A Britt commented that there was not derogatory sense to the word.

Usually using scheme in American English to mean an underhand plot or intrigue is inferred in it use. ie "Trendon Shavors was certain his scheme would work."

Wonder if it is a cultural thing.

wrend

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Quote from: BCB on November 03, 2012, 12:22:54 PM

I understood it as scheme or schemata as in a database schema. I didn't get the impression others felt that was a derogatory term.

As I imagine it generally the attitude and associations with word "scheme" is more often used in derogatory fashion.

BCB

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BCJ

But i do think the community should prepare a response to this paper. Any takers?

hazek

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Quote from: BCB on November 03, 2012, 12:22:54 PM

I didn't get the impression others felt that was a derogatory term.

Yeah, me neither.

BCB

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BCJ

I understood it as scheme or schemata as in a database schema. I didn't get the impression others felt that was a derogatory term.

Zangelbert Bingledack

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Just to clear something up for Americans: the word "scheme" in British English is not derogatory, it's more like a synonym for program, system, or plan. The government often refers to its own programs as schemes. A US English title for the paper might be "Virtual Currency Systems."

hazek

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Jon Matonis with his opinion on the ECB report: http://www.forbes.com/sites/jonmatonis/2012/11/03/ecb-roots-of-bitcoin-can-be-found-in-the-austrian-school-of-economics/

Quote

ECB: "Roots Of Bitcoin Can Be Found In The Austrian School Of Economics"
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Demonstrators crowd around the euro logo in fr...The ECB (European Central Bank) has produced the first official central bank study of the decentralized cryptographic money known as bitcoin, Virtual Currency Schemes. Ignoring for a moment the ECB’s condescending and derogatory use of the virtual currency phrase and scheme phrase, the study produced at least one landmark achievement.
...
...
..

I almost fell out my chair laughing when I read this part:

Quote

Central banks are a form of centralized economic planning so their stated responsibilities are suspect from the outset. Bitcoin represents an intangible math puzzle whose existence is solely restricted to transfer rights on a cloud-based public ledger. It more closely resembles an air guitar than a payment system for purposes of oversight.

Topic: 2012-11-03 Forbes(Matonis): ECB: "Roots Of Bitcoin Can Be Found In The Austrian (Read 1380 times)