2012-11-05 businessinsider.com - Good Money Is Real Money

[Akka]

One Bitcoin paragraph in this Article:

As evidence that the market is seeking a sounder currency, the digital world has developed a currency that is getting attention and use, Bitcoin. Bitcoins have no central issuer but are administered through a decentralized peer-to-peer network that began in 2009. There are somewhere around 10 million bitcoin in existence and more will be released until a total of 21 million have been created by the year 2140.

Bitcoins is the currency of the online black market. For instance, The Silk Road (Amazon of the illegal drug trade) only accepts payments in Bitcoin. The European Central Bank observes in a new report that “It operates at a global level and can be used as a currency for all kinds of transactions (for both virtual and real goods and services), thereby competing with official currencies like the euro or US dollar.”

It is not the best or final answer to the monetary problem but it does serve as evidence that market desires something better than what governments are giving us. And yet even adherents to laissez faire recoil at the idea of private money providers.

Full Article: http://www.businessinsider.com/good-money-is-real-money-2012-11

[molecular]

cool, bitcoin is really making the rounds in fresh circles these days.

Incidentally I'm currently reading that book, "Good Money" by George Selgin. Quite an interesting read.

[Roger_Murdock]

It is not the best or final answer to the monetary problem but it does serve as evidence that market desires something better than what governments are giving us.

Well, it's probably not the "final" answer. Nothing in this world is permanent (and I imagine we'll see continued revisions and improvements to the code). But Bitcoin seems to be the "best" answer yet. Why do you disagree?

And yet even adherents to laissez faire recoil at the idea of private money providers.

They do? I guess we have a different definition of "laissez faire."

[Akka]

It is not the best or final answer to the monetary problem but it does serve as evidence that market desires something better than what governments are giving us.

Well, it's probably not the "final" answer. Nothing in this world is permanent (and I imagine we'll see continued revisions and improvements to the code). But Bitcoin seems to be the "best" answer yet. Why do you disagree?

And yet even adherents to laissez faire recoil at the idea of private money providers.

They do? I guess we have a different definition of "laissez faire."

I just quoted the press article on this site, that's not my opinion.

You are on the press articles about bitcoin board.

[Roger_Murdock]

Akka, yeah I know dude. Sorry, I was rhetorically responding to the author of that piece.

[Akka]

Ah, good.

It was the "why do you disagree?" that made me think, "Is he talking to me?"

[Roger_Murdock]

Ah, good.

It was the "why do you disagree?" that made me think, "Is he talking to me?"

Yeah, I should have been more clear. I was just trying to point out that the author shouldn't make casually dismissive statements like that without supporting them. If I were writing an article, I wouldn't just say that "Bitcoin is the best money yet devised," I'd present an argument for that proposition.

[Akka]

Ah, good.

It was the "why do you disagree?" that made me think, "Is he talking to me?"

Yeah, I should have been more clear. I was just trying to point out that the author shouldn't make casually dismissive statements like that without supporting them. If I were writing an article, I wouldn't just say that "Bitcoin is the best money yet devised," I'd present an argument for that proposition.

Year, that's really something that bothers me lately. As I consider myself well informed about Bitcoin (at least better than the average guy on the street) and I read every press article I can find about it.
Bitcoin made me realize how poor the most writers/reporters are.

Most write more or less their own opinion, rather than a well investigated and neutral article.

Many don't even manage to write a fact based article when they get all the facts presented, just look at most ECB Report articles.

[molecular]

Akka, yeah I know dude. Sorry, I was rhetorically responding to the author of that piece.

hehe, that's why we should use the author= attribute on the quote tag

[Roger_Murdock]

Akka, yeah I know dude. Sorry, I was rhetorically responding to the author of that piece.

hehe, that's why we should use the author= attribute on the quote tag

Yes, yes we should. We will be more careful in the future.