I haven't watched the video yet, but is that an upside-down Voluntaryist logo I see?  He actually invented that logo. Really?! How do you know? I can dig up the thread. I've talked to this guy for 5+ years. He had a couple of different logos before he settled on that one. I'm amazed it caught on. |
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He's saying you can't price bitcoins because there isn't a market for them. But there is.
He's saying you can't price them because there is nothing you can do with them other than trade them. Yeah and that's silly to say that. As I said in an other thread, it's like saying that a hammer has no use apart from nailing nails. It's what it is made for, damn it! And furthermore, there is nothing you can do with dollars or euros or francs but trade them, but you can certainly price things in these currencies. Those you can since you are forced to. And everyone is "forced" to take them. The funny thing is, he says the law in the US says you have to accept $, but you don't. Someone needs to find his youtube video about Santa Claus. |
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He's saying you can't price bitcoins because there isn't a market for them. But there is.
He's saying you can't price them because there is nothing you can do with them other than trade them. Yeah and that's silly to say that. As I said in an other thread, it's like saying a hammer has no use apart from nailing nails. It's what it is made for, damn it! I agree. There are a lot of reasons to pick on BitCoin. That certainly isn't one, especially from someone who says gold is a good currency. |
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He's saying you can't price bitcoins because there isn't a market for them. But there is.
He's saying you can't price them because there is nothing you can do with them other than trade them. He's right in that respect, there's nothing you can do *with* them. You can't eat them, you can't look at how pretty they are, etc... But that doesn't mean you can't price them. Gold, if only valued for it's industrial and cosmetic properties, would be much less than what it currently is. It's almost as if he doesn't understand the concept of currency. |
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I haven't watched the video yet, but is that an upside-down Voluntaryist logo I see? He actually invented that logo. |
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My guess is that he is just an economics student.
My guess too. Funny how economists seem to be the ones who know least about economics. Your guess is wrong. He's a BIG Austrian guy. He just doesn't understand it very well. |
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It is likely that individual in the video is affiliated with federal reserve company or any other party supportive of us dollar and continued enslavement of society
It's not. I know the guy. He's an anarchist. |
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Haven't watched the whole video yet but I predict discussing it is going to be fun. http://www.youtube.com/watch?v=DoK8HXMSsNgEdit. Ok, watched it all. My quick answer: Bitcoin is a decentralised accounting tool. It is pretty much as useless as a pen and a piece of paper are. Which means it is not. A pen and a paper is useless only for someone who can't write. Or for someone who can write, but in a world where nobody else can. He loves Gold, but Gold has little intrinsic value. It's a shiny rock. BFD. All his criticism is completely valid for Gold as well. There's a reason why we don't use chickens as currency. The big advantage Gold has over BitCoins is track record. 5000+ years is a bit less of a gamble than something that's 2 years old. But in terms of a currency, the only difference is more people want Gold. |
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But there's a difference between 1MB of RAM now to 1MB of RAM ten years ago.
The price of assets is set by supply and demand of that asset.
The price of currency is set by supply and demand of that currency.
As goods get improved upon, previous products' demand decreases. With that demand decrease, price decreases. If that 'new' good weren't invented, the price would remain stable. This is why good like precious metals remain stable, as supply is pretty consistent (relative to computers).
Deflation isn't about price, it's about worth.
You are right. 1MB of RAM now is probably higher quality too. Did all of the RAM manufacturers go out of business due to the deflationary spiral? Or does that happen in the next 20 years? Deflation is awesome. Unless you owe money. Then it sucks. But just don't borrow money unless you can get a great return on that investment. Buying hookers and blow with borrowed money, not gonna be a good idea in a deflationary economy. When the money supply is fixed or growing, deflationary prices is ONLY possible when the economy is growing. That is a good thing. I'm very happy I don't have to spend $9000 for a computer that has 32 MB of RAM, 200 MHz Processor, etc... |
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Likewise, you're not actually smart enough to understand that, for some people, revenge/spite has a nonzero utility. Some of us are just in it for the lulz. Since I've stated that over and over, I did understand that spite has a non-zero utility for some people. I made the mistake of thinking they were apes. But even apes aren't this dumb. |
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But time preference is founded upon a functioning economy. If you have a deflationary spiral, then you won't have a functioning economy, so time preference is invalid.
I'm confused how Time Preference links into the argument that I'm making that Bitcoin has a deflationary spiral built into the system.
Have you purchased a computer? Why? If you wait a year, you can buy it for cheaper. Do you buy a new cell phone ever? If so, why? You could wait a year and get a better one for the same price. Do you buy televisions ever? Why? You could wait a year and get a better one or the same one for cheaper. Someone should tell all these technology company about this deflationary spiral. No one will ever buy their products! Sony, Microsoft, LG, Vizio, Dell, etc... should all be out of business due to it. I'm gonna go short them. |
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From what I've read about bitcoin, there is a fixed cap on the amount of money that can exist in the system, like various types of Austrian economists have desired.
Without being able to increase the supply of bitcoins, the economy will stagnate as the currency causes deflation. As deflation occurs, people horde currency, leading to lack of commerce.
This means that eventually when the coins have been mined you'll have an oligopoly of a few holders of a large amount of bitcoin, and then people participating in the real economy outside of it.
I am not hating on bitcoin because I don't understand it, I just don't think it has the flexibility to sustain itself in the long run, and so runs into the greater fool theory. Don't want to step on any toes, just my two cents.
Oh noes, the economy will stagnate because everyone will get stuff for cheap! |
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What is causing this?
After being involved with bitcoins for a few weeks and seeing the rate staying at the usual .77, I deiced to use the bitcoin4cash service with an open rate(thinking it'll only rise maybe ten cents tops.) Literally the next day the value started skyrocketing, climbing like 5 cents a day. So while I was expecting ~55-60BTC now it looks like I'm getting around 35BTC when my order finally goes through.
FML
Should have done fixed rate but at the time there was really no reason to want to do that.
Someone wants to buy a lot of BitCoins and not many people want to sell them. |
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I doubt it will even touch that.
All it needs is a slight increase in actual usefulness. |
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tomcollins--you're a jerk. An asshole, actually. If we met in real life I would destroy you. I'm very large and very tall. But it's all muscle. So suck it. And your mom too.
Now, can I have 10 bitcoins?
P.S. If you think I'm joking there is picture below to prove it. Asshole.
LOL. Good stuff man. |
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please send them to me! too me they also mean nothing i swear!!  Na, coins are reserved for CITG's.  |
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You do realize that the game is much different when you play with someone who you may have to interact with again, right?
Well, the internet is pseudonymous, so it's moot. Not really. If you use a brand new account you never use again, it would work. But not with repeated accounts and reputations. If I played this game with someone, for example, everyone would lowball me here. |
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You do realize that the game is much different when you play with someone who you may have to interact with again, right?
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I will give the first poster and fifth poster 50 Bitcents if they can agree on how to split it. It works like this: The first poster chooses a split and they absolutely cannot, sworn on their fate and soul, negotiate it with the fifth poster. The fifth poster can only accept the deal (in which case each of you gets the decided share) or reject it (in which case you all get nothing).
In the case of cheating, I will track you down like a rabid dog, hack off your legs with a hedge trimmer, rape you with a corncob, and boil off your corpse in an acid bath.
Let the game proceed.
You should do 10 BTC instead. After all, 10 BTC means nothing to you. |
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