Bitcoin Forum

So I wish to present the argument that various interested and groups, notably including "Keynesian"economist, have sold to the public a "quasi-doctrine" which teaches, in effect, that "less is more" or that (in other words) "bad money is better than good Money".  Here we can remember the classic ancient economics saying called "Gresham's law" which was "the bad money drives out the good".  The saying of Gresham's is mostly of interest here because it illustrates the "old" or "classical"concept of "bad money" and this can be contrasted with more resent attitudes which have been very much influenced by the Keynesians and by the results of their influence on government policies since the 30s.

And such views can have the effect that an ideal of good money does not seem such a good cause as an ideal of a good pulic water supply

Our view is that if it is viewed scientifically and rationally that money should have the function of a standard of measurement and thus that it should become comparable to the watt or the hour or a degree of temperature.

It was the observation of a new "line" that has become popular with those responsible of "central banking" functions relation to national currencies that gave us the idea for the study of "asymptotically ideal" money.

In the USA the standard domestic "cost of living" index has a long history and it actually originated back in the days when the USA was still on the "gold standard" with regard to the monetary standards being accepted then.

In the near future there may be a smaller number of major currencies used in the world...And there could be introduced, for example, a similar international currency...

And if "inflation targeting" were used as a "line" ..each of the currencies managed thusly would have its officially recognized status in terms of inflation as measured by the domestic index of costs of the state of the managers.  

And so the various currencies managed with "inflation targeting" would be comparable by users or observers who would be able to form opinions about the quality of the currencies.

So here is the possibility of "asymptotically ideal money" Starting with the idea of value stabilization in relation to a domestic price index associated with the territory of one state, beyond that there is the natural and logical concept of internationally based value comparisons.

..It is sometimes remarkable how political context can evolve.

And this parallel makes it seem not implausible that a process of political evolution might lead to the expectation on the part of citizens in the "great democracies" that they should be better situated to be able to understand whatever will be the monetary policies which, indeed are typically of great importance to citizens who may have alternative options for where to place their "savings".

It is still far from ideal, it has many flaws that still need to be fixed. But bank notes have lots of flaws either and the big flaw there is physical currency is harder to fix than digital currency.

yes, bitcoin great money for online payments, no chargeback

That said, this feature is having its own advantages and disadvantages. What if the merchant is selling a substandard product? They buyer will not be able to get a refund for that.

The basic concept is great as a universal currency but price fluctuations make it challenging.  If you buy a currency you wake up the next day and the 40units you bought are still 40 units.  With bitcoin you could wake up and there are 37 units and you didn't spend it on anything.  That is very hard for the average consumer to accept.

Is bitcoin Ideal money?

Bitcoin is not money !

Bitcoin is not money !

Just curious why it is not a money for you? It is a virtual money.

It not money for anybody,
These are just speculations and lies, bitcoin no have real value.

It not money for anybody,
These are just speculations and lies, bitcoin no have real value.

Bitcoins value may rise or fall. But i don't accept it has no value. Right now bitcoin has a value of $430.

If no value, then why engage?  The fact that you are here and debating bitcoin makes you a walking, talking oxymoron.

It not money for anybody,
These are just speculations and lies, bitcoin no have real value.

Based on what I have been reading online, there is a $ value for a BTC. What are these speculations and lies? Sounds like you have a bad experience with Bitcoin? Just guessing though.

contrary, I have very good experience with Bitcoin,
On the forex've earned huge amount of money, thanks to the large oscillations in the price.
I only understood at the time, What is Bitcoin,  and after it was all easy.

But for 24h his value can easily be, $200, $100 or Zero.

I believe bitcoin is an ideal currency structure, which is must better than the one we currently have. There's no inflation, and it's completely de-centralized. What's needed though is more merchant's to take it, which you think they would, since they wouldn't have to pay the transactions costs of such financial institutions like Visa and Mastercard at 3 to 4% and American Express, which can be at 7 to 8%. So yes, in theory it could solve a lot of problems and solve a lot of money from merchants willing to accept bitcoin. However, there's no restriction and no security involved. You'd think that a new system that regulates the currency and provides you the ability to use some of the major security services that Visa and Master Card use like their dispute charge service's; could actually end up being a good business plan.

I keep seeing these pictures of actual coins all over the Internet that make it look like you can exchange a coin like cash. I have yet to ever see one of these in real life, but I think that would be an ideal plus if bitcoin was able to link their monetary system to some kind of fiat currency of course decentralized though.

I hope that bitcoin takes off, since I have purchase multiple coins at around the $480.00 range. I am new, but I used my knowledge of other financial markets to believe that this was a good time to buy after the big $1130 a coin dip the currency traded after Mt. Gox.

I'm also seeing big exchanges like Mt Gox, and recently LocalBitCoins.com go down, which could be the form of some manipulation to devalue the currency. Bitcoins aren't easy to obtain, and most people obtained them on localbitcoins.com, so it only makes sense that their value would go down after the site went down because there was no supply to rule the demand and instability that the supply would be able to offer a secure service to do that in the future.

All in all, I think it's an ideal currency, but I don't think we're going to see any big pay days here that soon. For me personally, I bought in at around $460.00, and I'm hoping it will go up. As bit coins get easier to use, their more easily acceptable, I think they will become more and more of not just an ideal currency but a practical currency.


Thanx Everyone
Sprz

I am forex trader, and I not have any bitcoins, just real cache.

Maybe not ideal but some day it will be :) some things should be fixed and some regulation more surely to make people more trusting :)

I have pulled out certain quotes so as to highlight the true esoteric meaning of both ideal money and bitcoin. http://sites.stat.psu.edu/~babu/nash/money.pdf

Hear it from Nash/Satoshi themselves...

Think about bitcoin when you read it, and please read the whole thing (above) and pass it to someone with greater effect than I, it took 40 years to recognize this man the first time
This is the same man that wrote to the nsa in 1950 saying on the topic of encryption he cannot lose.  the same man that created the theory from which we develop game theory and therefore war strategy.  The man that explained the value of money in his paper 'the bargaining problem' and now the man that explained the value of hyper currency in his papers ideal money and bitcoin:

what would be a difference between heavily regulated bitcoin and "regular" money-NONE.

It's not just about money. The bitcoin protocol is a decentralised ledger. It can be used for 'smart contracts' and all sorts of things that requires trust (read Lawyers). Money is just the first app of the block chain, like email was for the internet.

Yes, Bitcoin model will be future money choice, because  they are independent  from Government.

We don't need ideal money,ideal/perfect is abstract .What we need is not to pay so huge fees when we transfer money,not to way days for it,not to be controlled by government,we need a coin for people ...and that is bitcoin!

IMO, we don't need ideal money! We need a fair market system and to eliminate  fee to middlemen.

IMO, we don't need ideal money! We need a fair market system and to eliminate  fee to middlemen.

We don't need ideal money,ideal/perfect is abstract .What we need is not to pay so huge fees when we transfer money,not to way days for it,not to be controlled by government,we need a coin for people ...and that is bitcoin!

Its always been my ideal money, I look forward to when we can use bitcoins everywhere.