LOL, I remember the last story that started with "Sorry."
Ignorance and self-righteousness, what a combo.
Topic: 2013-04-04 Bloomberg 'Sorry, Libertarians, History Shows Bitcoin Isn't Future' - page 2. (Read 2216 times)
April 04, 2013, 11:30:35 AM
April 04, 2013, 11:29:03 AM
2013-04-04 Bloomberg 'Sorry, Libertarians, History Shows Bitcoin Isn't Future'
http://www.bloomberg.com/news/2013-04-04/sorry-libertarians-history-shows-bitcoin-isn-t-the-future.html
http://www.bloomberg.com/news/2013-04-04/sorry-libertarians-history-shows-bitcoin-isn-t-the-future.html
First they ignore you, *then they mock you*, then they fight you, then you win.
It would appear that april 2013 is officially the transition point between stage two and stage three.
April 04, 2013, 11:26:40 AM
Basically the author (article not OP) is making the whole "people will hoard it forever" fallacy. Yup early adopters sitting on billions of USD worth of Bitcoin will never exchange them for goods, services, (or even convert them to fiat currency) and thus starve to death. For those not wanting to read the whole thing here is the punch line
In the authors view because the state can't artificially inflate the money supply (at the expense of money holders) Bitcoin won't become a currency. Now the scary part isn't "inflate" it is "state". Someone not liking Bitcoin because it can't be inflated can still be reasoned with. Someone not liking Bitcoin because the STATE can't inflate Bitcoin is beyond hope. In the authors mind it is inconceivable that a crypto currency could be designed to inflate "as needed". That if one believes the money supply must expand when money is in short supply that the ONLY possible solution is for the state (i.e. federal reserve, central bankers, QE, etc). Yup technology can't provide a solution, only the state can, the all powerful, all knowing state to ride to the rescue (and drop cash by helicopters).
The author reminds me of another quote:
Quote
Here’s where a state could easily step in by just … printing more money, so that economic activity is not choked off by scarcity or hoarding. This would be totally consistent with the C View, where money is created by states to facilitate economic activity. But since Bitcoins can only be produced at a predetermined rate, deflation is a constant possibility, or that Bitcoins turn more into a commodity people buy than a currency people use.
In the authors view because the state can't artificially inflate the money supply (at the expense of money holders) Bitcoin won't become a currency. Now the scary part isn't "inflate" it is "state". Someone not liking Bitcoin because it can't be inflated can still be reasoned with. Someone not liking Bitcoin because the STATE can't inflate Bitcoin is beyond hope. In the authors mind it is inconceivable that a crypto currency could be designed to inflate "as needed". That if one believes the money supply must expand when money is in short supply that the ONLY possible solution is for the state (i.e. federal reserve, central bankers, QE, etc). Yup technology can't provide a solution, only the state can, the all powerful, all knowing state to ride to the rescue (and drop cash by helicopters).
The author reminds me of another quote:
Quote
You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.
April 04, 2013, 11:07:18 AM
2013-04-04 Bloomberg 'Sorry, Libertarians, History Shows Bitcoin Isn't Future'
http://www.bloomberg.com/news/2013-04-04/sorry-libertarians-history-shows-bitcoin-isn-t-the-future.html
http://www.bloomberg.com/news/2013-04-04/sorry-libertarians-history-shows-bitcoin-isn-t-the-future.html
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