Interesting point. I think that the more BTC you're holding, the higher the cognitive dissonance necessary to change your mind about whether it's economically sound. However, if I sell it as a *fix* rather than *"you're doomed"* then they might entertain it.

I think you should be linking to something about the Cost Theory of Value or Labor Theory of Value, rather than the Broken Window Fallacy.


I'm altogether a BTC detractor, and I actually had the same initial reaction as you. But then I read more carefully and I realized that in the peculiar case of spam filtering, proving that you did useless work really *is* valuable. Presuming sending an email is valuable to you, and presuming having too many emails sent out is dis-valuable to the email service provider, being able to prove that you went through some trouble before sending out an email is enough to satisfy the email provider that you're not sending too many emails, is valuable to you.

This is an intriguing concept and it has a chance in turning the tide of my opinion. However, I think it's potentially flawed if taken in the full context of Bitcoin, as described in the first post. I'm still working it out. It may, in deed, still come down to the Cost Theory of Value in a sense, but not in an obvious way.

Hello,

I'm joining the forum to engage in conversation (where appropriate) about the economic nature of Bitcoin. I understand it's a complicated topic and I'm open to being wrong, but only after I'm sure that we're really seeing eye to eye on the arguments.

I love BTC from the political and technological standpoint. I'm basically with Peter Schiff on the economics, though I can see where his recent video leaves some holes open for counter arguments, and I think I've worked out some counter-counter arguments. Also, I'm open to the possibility of somebody finding a way to save BTC from the economic pitfalls, but it would require some work. Hopefully people like me can make the case for the problem, to encourage the fixes.

I've occasionally been blogging about it:

http://ill-logic-politik.blogspot.com/search/label/bitcoin

Note: they're long-winded, and blogspot lists them in reverse order. I'm working on being more concise.

Cheers!