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Title: 2012-10-03 bbc.co.uk - Digital currency: Brave new world or criminal haven? Post by: julz on October 03, 2012, 12:17:46 AM Quote Digital currency: Brave new world or criminal haven? James Melik 2012-10-03 http://www.bbc.co.uk/news/business-19785935 Quote According to Donald Norman, co-founder of the Bitcoin Consultancy, there is $10bn (£6.2bn) worth of the currency in circulation. Did Donald Norman really say that?Quote Greek economist Yanis Varoufakis says in the US even pizza parlours and High Street shops accept bitcoins. However, Yanis Varoufakis also said on Twitter: Quote Bitcoin is based on a brilliant algorithm but the idea of an unregulated digital currency is bound to destroy those who trust it. ( https://twitter.com/yanisvaroufakis/status/252921848180928512 )Title: Re: 2012-10-03 bbc.co.uk - Digital currency: Brave new world or criminal haven? Post by: n8rwJeTt8TrrLKPa55eU on October 03, 2012, 01:00:18 AM However, Yanis Varoufakis also said on Twitter: Quote Bitcoin is based on a brilliant algorithm but the idea of an unregulated digital currency is bound to destroy those who trust it. Never been impressed with him whenever he showed up on Capital Account. By and large, he hides establishment views under a thin veneer of edginess. He only got airtime due to being a Greek economist in the midst of a Greek crisis. He fears for his livelihood. The largest employers of people with economics degrees are governments and large bureaucracies. If Bitcoin takes off, economics as a state-sponsored profession is doomed. An autonomous, self-regulating monetary system with un-tweakable hardcoded constants will render obsolete not just the idea of central planning, but also as the armies of "economists" employed to justify it. Title: Re: 2012-10-03 bbc.co.uk - Digital currency: Brave new world or criminal haven? Post by: kiba on October 03, 2012, 01:39:45 AM An autonomous, self-regulating monetary system with un-tweakable hardcoded constants will render obsolete not just the idea of central planning, but also as the armies of "economists" employed to justify it. What you're saying? Bitcoin is a goldmine of information for any economist. All the information about economic flow is public, yo! Title: Re: 2012-10-03 bbc.co.uk - Digital currency: Brave new world or criminal haven? Post by: n8rwJeTt8TrrLKPa55eU on October 03, 2012, 02:46:55 AM An autonomous, self-regulating monetary system with un-tweakable hardcoded constants will render obsolete not just the idea of central planning, but also as the armies of "economists" employed to justify it. What you're saying? Bitcoin is a goldmine of information for any economist. All the information about economic flow is public, yo! Transactions might be public, but geographic location of actors, or products being purchased, won't necessarily be identifiable as belonging to any country or economic sector... Today, a large portion of economists are employed and funded by governments to create and validate theories justifying political and monetary intervention... But in Bitcoin, money issuance can't be sped up or slowed down. The phrases "interest rate policy" or "monetary policy" are oxymorons. Nothing in Bitcoin can be dictated, nothing can be tweaked, nothing is discretionary, no levers to pull, no knobs to turn... Thus there is no point to central banks, and with no central banks...no economists funded or employed by central banks! |