1. I think IX's point is that demand is not constant and can move up or down. BTC has a constant supply generation that cant react to, nor cares about demand. If you have a moving demand, but the supply is fixed, then it's down to the other variable in the equation to take up the difference, which is price.
2. That is similar in parallel to Gold, except we know the supply parameters of BTC, we don't with Gold. The end result is the same though, no real control over supply of Gold just as with BTC, so the price is the only variable that can move.
3. Another similarity with BTC & Gold, is that while there is not control over supply, both can be bought and hoarded en mass leading to a bubble, and nothing can be done about it.
4. The above was one of the main reasons I decided to develop eMunie as opposed to doing something with BTC (plus the fact that the economic model is based on the medieval theory of "Value By Labour")
5. From a technical standpoint Bitcoin is genius. As a tool to kickstart to decentralization of wealth, its genius. From an economic standpoint, it sucks.
Fuserleer, I must confess that Ix's dismissive attitude towards Satoshi, Bitcoin and the community as a whole was what prompted me to engage him in the first place.
1. I've heard similar arguments before, and I was interested to see which direction he will take. Resolving the pressure of demand with inflation (creating new product units) diminishes both the real and perceived value of the product. I think we've all learned that from fiats, yes?
2. The single similarity doesn't really justify the "barf" remark. Bitcoin is revolutionary. It's a fact.
3. I think the same can be said of any product - unless someone has found a loophole in the law of supply and demand.
4. I take it you mean the labor theory of value? I am very interested to see how you've developed a currency model using ltv. I'll probably check it out.
5. I disagree. Bitcoin has lost one of its central tenets - decentralization, which has effectively crippled its wider adoption. However, Satoshi's entire model as a whole is still revolutionary, as was his code.
Heh I noticed, he's been here as long as me, and probably taken as much shit. It wears you out
1. True inflation does erode the real and perceived value, but so does allowing demand to be countered by wild price swings and bubbles, as then no one has a damn clue what it should be worth. Ultimately that is the same thing, loss of faith, loss of value.
2. Perhaps not, and I agree for the most part that it is indeed a revolutionary technology. That doesn't mean though that it's got everything right, and something else isn't going to replace it that does a better overall job. Look at almost any technological innovation in history, the first out the door is nearly ALWAYS succeeded by something else bigger, faster, better.
3. There are no loopholes as such, but there are actions which you can take which cover the short term "bumps", yet allow the long term to pan out as the market commands. This is something I'm working on and is one of the unique features of eMunie (damn, I knew this thread would keep spiraling here
)
4. Yes I am referring to the Karl Manx labor theory of value, and no I haven't developed a model that uses it as its inefficient and not required for what our crypto "movement" as a whole is trying to achieve. I was stating that Bitcoin resembles very closes that theory, whether intended or not I do not know, but regardless it is a consequence of the POW used to secure the network.
5. Agree also, it has lost it, but that wasn't the point I was trying to make. It doesn't matter if it has lost that decentralized aspect or not, fact remains it kickstarted an entire industry which revolves around disruptive decentralized technology, so its still genius