Bitcoin Forum

Has anyone read this? If so, what are your thoughts.

Thanks,
Ross

http://dealbook.nytimes.com/2014/01/22/bitcoin-a-fools-gold-standard/?_php=true&_type=blogs&_php=true&_type=blogs&src=twrhp&_r=1

Bitcoin may not be better than Gold in the long-run, but in today's technological and fast-paced society Bitcoin is much more practical than traditional banking for several reasons. First, you are in control of your own finances whereas in a bank every employee has access to your account, information and transactions. Second, transactions happen in 10 minutes compared to bank transfers/wires which take 3 days. Also, let's not forget Bitcoin utilizes a public ledger with all transactions made public and Fiat currencies are un-audited and privately controlled.

best way would be: have some gold, silver, bitcoin and litecoin.

Im nowhere near an economic expert but these articles never seem to identify that bitcoin is both a currency style token and a protocol.

How about mentioning that it can streamline an inefficient system whose participants gorge themselves on fees?

I always thought that boom and bust was just part of the cycle. When we have a bust the badly run / risky participants go under and new people can get in due to the economic conditions. Nowadays its just continued boom at any cost.

'If Bitcoin ever became a real currency.......'

It already is in the real sense.



'in the contemporary world governments are the pre-eminent social guardians.'

WTF - Unbelievable. Governments/the ruling class via their central Banks keep 95% of us as slaves.



Two paragraphs in and you know the establishment is very very scared of BTC. Edward Hadas and his ilk have the most to lose from BTC adoption. He is the enemy so read this with that in mind.

These 'economists' are cheerleaders of the state mafia. They are promoting nothing less than organized violence:

Krugman: "Fiat money is backed by men with guns; Bitcoin is not. So why should this thing have any value?"

http://www.businessinsider.com/paul-krugman-on-bitcoin-2013-12

At the current buy price for one bitcoin I'd rather have some palladium but I respect the technology and those who would invest in it. :)    I like the security of having my accounts insured and not have to worry about having it hacked and having the balance disappear, though with a paper wallet the risk is low.  If I was an early adopter and just had 50-100 bitcoins laying around that cost me 50 bucks I'd be big into it, but having to put thousands of my own cash into it when there's still so many large holders, not really ready until we get a selloff or distribution of the top heavy coin load.   Something gets too top heavy it's likely to topple over.... I also enjoy my guns in particular my Ruger LCP. :)

Anything that can break us from fractional reserve compound interest central banking could be a good thing in the long run though... but ultimately I don't think we will ever be free of the banking oligarchy and life under control of the oligarchy really isn't that bad so I'm not complaining. Crypto currencies seem to attract people who have this desire to be into drugs and other illegal activities, something I have little interest in.