In particular they use the classic zero-sum argument that says that for whoever makes $1 from bitcoin, someone else has lost $1.
In this case, the one who loses $1 is the bank. By not being able to make profit from controlling bitcoins like they do with dollars. 
Topic: Zero-sum arguments (Read 884 times)
Bitcoin creates more savings which creates more wealth. Fiat coin creates more debt which destroys wealth.
In particular they use the classic zero-sum argument that says that for whoever makes $1 from bitcoin, someone else has lost $1.
Anyone who says that isn't worth listening to. That dynamic is only true if Bitcoin goes to $0, fails completely and is never revived/rebooted.
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n particular they use the classic zero-sum argument that says that for whoever makes $1 from bitcoin, someone else has lost $1.
That makes absolutely no sense.
A lot of smart people are worried about Bitcoin's increasing importance and value. They worry that all bitcoin is doing is simply taking money from elsewhere in a speculative frenzy, chasing what is an irrational bubble.
In particular they use the classic zero-sum argument that says that for whoever makes $1 from bitcoin, someone else has lost $1.
Well, in pure accounting terms this is true. But if Bitcoin represents a beneficial new paradigm in global finance ( and the world certainly needs one!) , then Bitcoin can be adding economic value to the world.
How does this work ? Just like any company that builds a better mouse-trap. People rush to use the new product as it uses less resources than before. The surplus economic resources represent true global profit.
In particular they use the classic zero-sum argument that says that for whoever makes $1 from bitcoin, someone else has lost $1.
Well, in pure accounting terms this is true. But if Bitcoin represents a beneficial new paradigm in global finance ( and the world certainly needs one!) , then Bitcoin can be adding economic value to the world.
How does this work ? Just like any company that builds a better mouse-trap. People rush to use the new product as it uses less resources than before. The surplus economic resources represent true global profit.
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