Topic: "Bitcoins do not allow people to manage the uncertainty of the future" (Read 1549 times)

BTC Books is right.

It's a valuable article in that it offers a window into how the old-guard thinks about money.

Since our stated goal is the transference of their wealth into our hands, it should be read carefully and absorbed.

Know your opponent...

Hardly anyone knows the difference. I still do not understand that fully... it has to do with not being connected to the value of gold... I think. (?)

first off us dollar and bitcoin are currency not money that is a fact

author gets to hung up on the trivial mining aspect of the bitcoin system

bitcoins can be made "material" by easily printing them out on paper and are

no more complicated to use in their native form than a common visa card

the free market will decide bitcoins value not some central bankers

article fail

Well, Richard (Ludwig's brother) is pretty fuckin' smart...I use his formulas every time I analyze a structural weldment.

Ludwig is no slouch, either...he wrote Human Action, IIRC.

Keep it up with the name-calling, though...maybe you'll come up with something original at some point.   

The world already uses digital electronic money. Its not a big deal to just start using some digital money without needing a "license".

This article is a nice one for non users. However, its a shallow article that lacks research depth (author holds a Ph.D. in economics, research should be evident)
That's true. 
Author is confused about mining and usage of Bitcoins. You don't need to own digging equipment to own or transact in gold.


Yes. This is also an opportunity for Bitcoin. One of the reasons we moved from gold coins to paper dollar bills is for convenience. Its going to happen soon for Bitcoin.
 

Confused and premature conclusions.

Because the fiat banks have done so well in managing the uncertainty of the future...

Of course real money relies on technology, the business world went online years ago, what do you think it is that processes credit card transactions when you buy something from a website, a magic troll at the end of the fiber cable? Bitcoin is the next evolution of money, people like these will eat their words soon enough.

You guys are giving the article too much of a hard time. I thought it was very fair.

It's not exactly saying that Bitcoin relies on tech where the current money doesn't. It's saying that the current money is both physical, and also relies on tech that already exists. Both of those aspects are important to our money today, and both are things that Bitcoin just does not yet have. It will have them. But it doesn't yet.

The material aspect of money is well established with fiat in the form of physical paper money and coins. Bitcoin can have that too in the future. It's trivial to produce physical Bitcoins, and they may very well be used in the future for some transactions.

The technological aspect of money is also well established with fiat in the form of credit cards and banks. You have the entire payment system of the credit card companies, making it so that you only need to carry one small plastic card with you to pay for everything. You can also write checks, which your bank will pay on your behalf to someone else, and you can likewise cash checks from a bank. And then there's also the security that comes with it. The reputation of the credit card companies makes it easy to accept payments from them as opposed to random strangers. In essence, any random stranger with a Visa card has his reputation as well as Visa's behind him. Bitcoin can't do any of those things at the moment.

I'm sure Bitcoin will be able to do all of this in the future. But let's not jump the gun just yet.

Great article, pretty much nails the state of Bitcoin at this time.

von Mises guys are grandstanding idiots.

so many words an so little understanding -  Amazing

Material assets are slow, inflexible, hard to divide and trade with. Bitcoins is quick and has no borders. Most of these old kooks don't really see things outside what they can touch (or think they can touch). That site looks like a bunch of baloney anyhow; way too slick to be taken seriously.

What they are saying is that bitcoins require technology in order to be used, unlike material money that doesn't (doesn't it?).

Not really true since most of our fiat money is created, stored and moved inside computers. In essence, it is virtual too.

The von Mises guys are idiots. they've got no clue.

https://mises.org/daily/6399/The-Moneyness-of-Bitcoins

What is your take on this?