Quote
unviable at the societal level
Is that like 1 level below the ruling elite level or 2 levels below?
Topic: Quora discussion - Is the cryptocurrency Bitcoin a good idea? - page 2. (Read 3877 times)
Is that like 1 level below the ruling elite level or 2 levels below?
I agree with a lot of what he says. Most of his criticisms arise from the fixed supply nature of bitcoins. I agree this is a Bad Idea (just as the Gold Standard was a Bad Idea) and ultimately makes bitcoins unviable at the societal level.
The fixed supply thing also lends credence to the idea that it's a scam since the early adopters stand to benefit so much (though I don't agree it was created with this in mind).
Had I devised bitcoin, I'd have made it so mining availability would be based on some sort of community driven inflation targets. At first probably fix it to USD and if it ever became popular enough, some fixed basket of goods scheme. Though I'm not sure how I'd tighten supply if the need arises.
I think BTC nailed it in terms of anonimizing transactions and keeping the gov't out of my life, but I think the fixed supply thing's bad.
The fixed supply thing also lends credence to the idea that it's a scam since the early adopters stand to benefit so much (though I don't agree it was created with this in mind).
Had I devised bitcoin, I'd have made it so mining availability would be based on some sort of community driven inflation targets. At first probably fix it to USD and if it ever became popular enough, some fixed basket of goods scheme. Though I'm not sure how I'd tighten supply if the need arises.
I think BTC nailed it in terms of anonimizing transactions and keeping the gov't out of my life, but I think the fixed supply thing's bad.
Been all over twitter mostly because Tim O'Reilly and his 1,400,000+ followers.
You should take his word for it. He is an "Internet Economist" after all. 
Obviously to a standard Keynesian, Bitcoin is a terrible idea. Keynesians believe a central bank is necessary and that what they call "deflation" is a horrible thing that must be avoided at all costs. According to this author's argument, supply of a currency needs to grow in order for more people to use it. If this were true, then that means the only way to obtain Bitcoins is for new Bitcoins to be created out of thin air. Hogwash at its finest.
Luckily, people like us who understand sound money and the failures of the fiat dollar system can buy in early. By the time the utility of Bitcoin expands to accomodate the needs of the average Joe, each coin's price will be sky high. If Bitcoin is a bad idea, then why does the Bitcoin economy continue to expand? Buying Bitcoins just means investing in a new economy! Furthermore, they can be used as real money and don't have to sit around like other investments, which can only be traded for dollars. Bitcoins can be traded for anything.
Luckily, people like us who understand sound money and the failures of the fiat dollar system can buy in early. By the time the utility of Bitcoin expands to accomodate the needs of the average Joe, each coin's price will be sky high. If Bitcoin is a bad idea, then why does the Bitcoin economy continue to expand? Buying Bitcoins just means investing in a new economy! Furthermore, they can be used as real money and don't have to sit around like other investments, which can only be traded for dollars. Bitcoins can be traded for anything.
Completely unoriginal and boring arguments that had been debated on this forum to death.
Go search the economic forum and you will see what I mean.
Go search the economic forum and you will see what I mean.
i'm not agreeing with the argument in the link. just pointing out what was happening on the quora site.
It makes me sad that people actually believe this stuff. 
Fiat money is a scam, a voluntary currency without rulers on top of it certainly not. But I guess Gold is a scam too … and Google IPO …
Fiat money is a scam, a voluntary currency without rulers on top of it certainly not. But I guess Gold is a scam too … and Google IPO …
Completely unoriginal and boring arguments that had been debated on this forum to death.
Go search the economic forum and you will see what I mean.
Go search the economic forum and you will see what I mean.
http://www.quora.com/Bitcoin/Is-the-cryptocurrency-Bitcoin-a-good-idea
discussion on bitcoin. top answer at the moment is pretty critical basically saying that it is a scam.
discussion on bitcoin. top answer at the moment is pretty critical basically saying that it is a scam.
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