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Topic: Walter Block - page 3. (Read 5211 times)

legendary
Activity: 1288
Merit: 1080
January 14, 2011, 10:33:58 AM
#10
And it's not difficult at all to imagine physical, off line representations of bitcoins that would work pretty much like bank notes did during gold standard. If really demanded, that will be done.

True.  Especially since that's what a bank note is supposed to be after all :  an IOU.  It could easily be backed by bitcoins.  A bank note is not a currency.  It's a method of payment.
legendary
Activity: 1106
Merit: 1004
January 14, 2011, 10:29:23 AM
#9
And it's not difficult at all to imagine physical, off line representations of bitcoins that would work pretty much like bank notes did during gold standard. If really demanded, that will be done.
legendary
Activity: 1288
Merit: 1080
January 14, 2011, 10:25:52 AM
#8
Likewise. However, my point stands. I think it is important to realistically evaluate the limitations of bitcoin rather than going all heads over heels about how bitcoin "fullfills all of" the characteristics of money. Although my point is elementary, I was surprised to see that it not obvious to some.

The ability for a currency to be transfered physically with no electricity, no computer, just "from hand to hand", is very good indeed.  And indeed you can't do that with bitcoins.

But the thing is that the ability to be transfered instantanously in very long distance with almost no cost is just about as good.   You can't do that with physical bank notes.

There are things you can do with bitcoins, that you can't with bank notes, and reciprocally.  Both currencies are "portable", but in different spaces :  physical space for bank notes, cyberspace for bitcoins.

Now you can deny cyberspace has as big an economic importance than physical space if you want.  I don't.
sr. member
Activity: 252
Merit: 250
January 14, 2011, 10:16:09 AM
#7
Quote
Wow gene, I really missed you!
You successfully demonstrated that "bank notes" != "bitcoin", I'm impressed.

De même. However, my point stands. I think it is important to realistically evaluate the limitations of bitcoin rather than going all heads over heels about how bitcoin "fullfills all of" the characteristics of money. Although my point is elementary, I was surprised to see that it not obvious to some.

Also, nobody has contested my assertion that bitcoin is by no means "durable."
legendary
Activity: 1372
Merit: 1007
1davout
January 14, 2011, 09:59:37 AM
#6
Quote
* recognisibility
Definitely not yet. Also, how to recognize an abstract mathematical concept in a way analogous to cash?

All you need to recognize an authentic bitcoin transfer is the proper software. And you can have mathematical certitude that it is authentic. Bitcoins authenticity is much easier to recognize than physical money.
You need a computer. That alone raises the price of entry. With bank notes, you need eyes.

Quote
* portability
Not like cash. At least, not yet.

No? You can carry all bitcoins in existence in your pocket if you manage to put them all in one only address. How is that compared to cash?

Can't do a whole lot with a hash value; a computer is needed. Cash is low-tech and works. Anywhere. Any time. Bitcoin doesn't come close. Here's an experiment. Go to a local market. Try to buy a loaf of bread with bitcoins. Try again with the local currency. Report your observations. Make a conclusion regarding bitcoin's portability.

Try this in a remote area in your country. Tell me what the local hillbillies would tell you to do with your bitcoins if you want to buy something.

I see potential in digital cash, but to compare it to bank notes is just unrealistic.

Wow gene, I really missed you!
You successfully demonstrated that "bank notes" != "bitcoin", I'm impressed.
legendary
Activity: 1288
Merit: 1080
January 14, 2011, 09:59:21 AM
#5
Can't do a whole lot with a hash value; a computer is needed. Cash is low-tech and works. Anywhere. Any time. Bitcoin doesn't come close. Here's an experiment. Go to a local market. Try to buy a loaf of bread with bitcoins. Try again with the local currency. Report your observations. Make a conclusion regarding bitcoin's portability.

I think you are talking about liquidity here.

I'm not sure about the meaning of the word portability in english, but from what I understand of it, bitcoin does very well apply.  In a different manner than cash though, but it does apply.
sr. member
Activity: 252
Merit: 250
January 14, 2011, 09:53:21 AM
#4
Quote
* recognisibility
Definitely not yet. Also, how to recognize an abstract mathematical concept in a way analogous to cash?

All you need to recognize an authentic bitcoin transfer is the proper software. And you can have mathematical certitude that it is authentic. Bitcoins authenticity is much easier to recognize than physical money.
You need a computer. That alone raises the price of entry. With bank notes, you need eyes.

Quote
* portability
Not like cash. At least, not yet.

No? You can carry all bitcoins in existence in your pocket if you manage to put them all in one only address. How is that compared to cash?

Can't do a whole lot with a hash value; a computer is needed. Cash is low-tech and works. Anywhere. Any time. Bitcoin doesn't come close. Here's an experiment. Go to a local market. Try to buy a loaf of bread with bitcoins. Try again with the local currency. Report your observations. Make a conclusion regarding bitcoin's portability.

Try this in a remote area in your country. Tell me what the local hillbillies would tell you to do with your bitcoins if you want to buy something.

I see potential in digital cash, but to compare it to bank notes is just unrealistic.
legendary
Activity: 1106
Merit: 1004
January 14, 2011, 09:26:38 AM
#3
Quote
* recognisibility
Definitely not yet. Also, how to recognize an abstract mathematical concept in a way analogous to cash?

All you need to recognize an authentic bitcoin transfer is the proper software. And you can have mathematical certitude that it is authentic. Bitcoins authenticity is much easier to recognize than physical money.

I don't think he meant "recognizability" in the sense of being "famous"... but I didn't watch the video...

Quote
* portability
Not like cash. At least, not yet.

No? You can carry all bitcoins in existence in your pocket if you manage to put them all in one only address. How is that compared to cash?


By the way, Walter Block is an economist on the Mises Institute if I'm not wrong. He has a book from which I've read a few chapters, Defending the Undefendable, it looks interesting... it's on my "to read" list.
sr. member
Activity: 252
Merit: 250
January 14, 2011, 09:10:11 AM
#2
Quote
* durability
This remains to be seen. Seems pretty easy to lose a wallet. Or for the network to be attacked.

Quote
* recognisibility
Definitely not yet. Also, how to recognize an abstract mathematical concept in a way analogous to cash?

Quote
* portability
Not like cash. At least, not yet.
legendary
Activity: 1288
Merit: 1080
January 14, 2011, 08:47:21 AM
#1

I didn't know this guy but I like the way he speaks.

Check out what he says about money in this video for instance :

http://www.youtube.com/watch?v=m2690Fy0sM8


He makes a good sum up of characteristics for good money :

* durability
* divisibility
* recognisibility
* portability
* scarcity


Notice that bitcoin fullfills all of them.
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