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402
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Economy / Economics / Re: Bitcoin's first major deflation event, and its consequences
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on: February 18, 2013, 01:02:09 PM
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In my opinion, bubbles are not only natural in human history(Yes they occurred under a gold standard as well, though to a much lesser extreme), but also beneficial in the case of Bitcoin.
Because of the distribution model of Bitcoin, early adopters/miners of Bitcoin in 2009-early 2011 obtained a majority of the coins without having much use for them at that time. The first bubble was the only way to make them redistribute it either because of greed(on the way up) or fear(on the way down). I would never have been able to buy some coins in the single digits if the first bubble did not pop.
Without distribution of coins to a larger base, the price cannot reach stability. The more hands that hold Bitcoins, the lower the volatility will become. And the fear phase during bubble popping is the best time for large holders to redistribute
+1 That is a truly important observation. I agree. Well said nagato... well said. |
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403
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Other / Off-topic / Re: Concerned about accounts at Coinbase...
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on: February 17, 2013, 11:13:11 PM
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Why would you send ANY coins to a beta website?
I didn't. could be a technical error, don't panic before you spoke with support at the very least.  hope it gets sorted! I wouldn't worry about it as I had the same thing happened and everything returned fine.
Thanks for the reassurance guys. I figured it would be OK, just needed to ensure this has happened before to other people... lol  |
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404
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Other / Off-topic / Concerned about accounts at Coinbase...
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on: February 17, 2013, 01:50:34 PM
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Bought 2 Bitcoins which came in on Feb 12. Was holding them for 30 days to increase my buying limit. No transfers had been made since the 2 BTC purchase. Only another purchase for 10 Bitcoins. Checked this morning and this is what I saw:  Balance: 0.00 BTC ≈ 0.00 USD Glitch? It's a little scary... I sent Coinbase an email, just wanted to see if this has happened to anyone else. Businesses usually aren't available for support on Sunday's. |
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411
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Economy / Speculation / Re: Gold collapsing. Bitcoin UP.
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on: February 16, 2013, 02:46:09 AM
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Asteroid Mining"Gold has intrinsic properties that make it valuable. However, it does not have intrinsic value." Gold is valuable because it is rare, making it more difficult to mine. Thus, it has a very long record of demand, further supporting its value. However, will gold be just as valuable when we can mine substantial amounts of it? With asteroid mining becoming more of a reality in the next 50 years, gold may very well lose its status as one of the more popular stores of wealth. I wonder what will take it's place? hmm... 
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412
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Economy / Economics / Re: Inflation and Deflation of Price and Money Supply
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on: February 15, 2013, 01:00:41 PM
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Money supply inflation means there is more money in the money supply than previously. Supply on its own has nothing to do with value (in a vacuum, admittedly), it is only a quantity; only when it is combined with demand can you determine a value or price.
"Keynesian economic theory proposes that changes in money supply do not directly affect prices, and that visible inflation is the result of pressures in the economy expressing themselves in prices." - Keynesian view of inflationThat's the thing though, you guys are getting trolled, by those damn neo-keynesians More like, someone who actually understands economics. Unsurprising based on your other definitions if that's your definition of keynesian. Lethn, get out the way man! Let the trolls economists have their serious discussion, alright? |
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