Is the bitcoin economy mainly just miners selling to speculators in a kind of circular flow arrangement? Miners probably don't buy bitcoins much so they provide no demand, only supply (some of which they doubtlessly hoard). Speculators do provide demand but only as long as they expect something in the future.
The market of goods and services are there. It's just not very visible at this point. |
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Broken image.  |
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New forum account = reason to be suspicious.
Waiting for mtgox's side.
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Actually, 'official' law can exists. Basically some laws in the crypto-anarchistic system gain universal acceptance, thus codifying itself.
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There can’t be any official bitcoin laws because there won’t be any state enforcing them. There is no central legislature, judicature or executive. Bitcoin is anarchistic and only the morals of its users will create some sort of justice.
Um...I don't doubt that. |
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Its not an english court its a bitcoin court .
We still have very few precedents and no arbitration market yet. It will take a while for bitcoin laws to develop. |
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No difference to gold at all. I didn’t claim there was.
But the mechanism of investments in Bitcoin is that of a Ponzi scheme, that’s all I’m saying. And I don’t think that’s a bad thing.
In so far as anybody who save in bitcoin win. In as so far that bitcoin encourage wealth creation instead of wealth destruction, everyone win. If everyone on the planet basically use bitcoin...well you got one hella of a global economy. |
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The debt denominated in a currency is what gives the currency its value, because it creates demand for the currency to clear the debt. Alone it has no value, regardless of how scarce it is decreed to be.
Nonsense. Bitcoin today are worth .80 USD. |
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I think it's a terrible idea. The last thing that Bitcoin needs is balkanisation.
First mover advantage in so far the gathered momentum is difficult to overcome. |
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1. What, you call this (drop drom 1.05 to 0 .82) a "bubble" ? Well, if that is a bubble, then i want all bubbles to be like this.
2. Usually after fast rise there is a correction. It's starting to rise again, and this time the rise will be more permanent.
It appears that we forgot the last bubble. |
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Is there a need to have two separate forums when in essence, people also discuss the practice of businesses rather than just buying and selling?
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There is so much written on exchangers being harassed and jailed and even killed you could fill an entire library. I feel like we've gotten off topic. I seem to recall you supporting a ban of illegal trades in this forum. This doesn't make sense given that you've just stated exchanging fiat for non-fiat is enough to bring down the wrath of authorities. Bitcoin is inherently incompatible with statist central planning and control over the monetary system. Do you really think disallowing discussion and trading of illegal goods on this forum is going to keep the heat off? Reputation to the public and reputation to authorities can be two entirely different things. |
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Good news for bitcoin. Bad news for central banks.
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Move to economics section?
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Now, I used Google only as an example, as I have no indication they actually have such plans. The point is that the risk of such a scenario is not zero, and I reiterate my initial point that speculators may not be pricing it adequately.
You don't have any evidence to suggest the speculators are not pricing it properly except your feeling about the matters. If you're right, why don't you speculate? |
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I lived in New Zealand from 1986 to 1992, which included the time where Roger Douglas and David Lange were reforming the economy. It was a fabulous time to be living there.
Thanks for providing a counter-perspective but also giving me a few crucial explanatory details for me to work with. Your post is long so it will take me a while to digest and come up with questions about New Zealand economy. It's not exactly the best argument in the world but I don't think your intention is to refute Foo Barf's arguments. |
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just how is Bitcoin/<crypto-currency> going to kick the asses of these 'communistic' keynesian systems? Well, well, oh learned one. If you haven't figured out the link between money, economic freedom, personal freedom and its anti-thesis to socialism you have along way to come. Hint, begin with why gold is money for the ages and why socialists and facists alike hate it. Not the sharpest tool in the shed eh? You seem to be a forgotten, rusty old socialistic relic left in an abandoned gully somewhere, like a railway system from the 1900's. Had this devolved into a flamewar about who could spew the most facts and memes for their position? Does it have anything to do with my attempt to understand New Zealand refrom policies? |
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Why did the market fail to provide regulations of building code? I'm not informed about this discussion of NZ, but if it ain't because people need cheap houses and builders were happy to fill the gap without a thought for the future, then I'll eat a bitcoin. That's a plausible explanation. It might be able to explain why the housing standard are degrading. Of course, we need statistics on housing demand to determine if it could fit. |
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