Harvard Business Review reduced to quoting dead eugenicist for argument...

[Severian]

...against Bitcoin

http://peculium.net/2013/04/10/harvard-business-review-reduced-to-quoting-dead-eugenicist-for-argument-against-bitcoin/

Justin Fox, editorial director of the Harvard Business Review Group, stated that part of his reluctance with regard to Bitcoin is its deflationary nature:

“Since there seems to be a widespread misunderstanding about this among less-sophisticated members of the Bitcoin fan club…something that costs 10 bitcoins today will cost 5 next week. Which may sound great, but is no way to run an economy.”

[Lethn]

Stock prices and Bitcoin are fundamentally different he can't just compare the two as if they're the same, I also found the quote you put up funny It's like they're actually trying to argue against the idea of the poor being better off which is what deflationary currencies do for us and that's just madness as far as I'm concerned.

Maybe someone should make an inflationary version of Bitcoin as an experiment and then we can finally see which ones would last under the exact same conditions and rules.

[Mike Christ]

The problem with Ivy League geniuses is that they spend their days spinning empty theory, and they so rarely go out and run real-world experiments to test their hypotheses.

 Exactly this. Ivy leaguers are completely disconnected with reality, their knowledge is mostly regurgitation and the rest is baseless BS about the world they think they live in. It's sad to anyone who understands why saying "less-sophisticated" means nothing except "I'm a douchebag and your thoughts aren't made of gold like mine are."

[Spendulus]

Stock prices and Bitcoin are fundamentally different he can't just compare the two as if they're the same, I also found the quote you put up funny It's like they're actually trying to argue against the idea of the poor being better off which is what deflationary currencies do for us and that's just madness as far as I'm concerned.

Maybe someone should make an inflationary version of Bitcoin as an experiment and then we can finally see which ones would last under the exact same conditions and rules.

There's likely nothing wrong and several beneficial aspects to a slightly inflationary currency within a nation state, the problem would always be keeping the greedy fingers out of the equation.  Deflationary currency wouldn't make the poor better off because by definition they are spenders, not savers.   And if their votes were bought with printed dollars in an inflationary currency environment then at least in the short run, they certainly think they are better off.

[Severian]

Sorry I missed the replies in this thread.

It's like they're actually trying to argue against the idea of the poor being better off which is what deflationary currencies do for us and that's just madness as far as I'm concerned.

They're also just arguing for their own continued wellbeing at the cost of ours. "Sure, keep using our continually depreciating paper! We can print more so we're ok even if you're screwed."

This summer, some of my students and I plan to brainstorm ideas to crowdfund Bitcoin startups in South Florida....If we get any traction, I'll sure to post announcements on these boards.

Do post! I'd love to hear about it.

"I'm a douchebag and your thoughts aren't made of gold like mine are."

Bitcoin scares them because it will take away their entitled lives. I hope their fear grows. It will paralyze them.

Deflationary currency wouldn't make the poor better off because by definition they are spenders, not savers.   

A deflationary currency spreads wealth so the poor would be better off in the long run. An inflationary currency is designed to centralize wealth in a few hands. That's why banking classes dislike deflationary currencies.

[Spendulus]

Deflationary currency wouldn't make the poor better off because by definition they are spenders, not savers.   

A deflationary currency spreads wealth so the poor would be better off in the long run. An inflationary currency is designed to centralize wealth in a few hands. That's why banking classes dislike deflationary currencies.

Umm, that's rather cherry picking an effect out of a whole basket of causes and effects.

Inflationary currencies have many causes, and in the abstract, various rationales have been put forth for their being good, or bad.  Key to that is the range of "inflation in the currency", whether it is slight, moderate or severe.

Without actual evidence to support your claims I couldn't take these seriously:

• An inflationary currency is designed to centralize wealth in a few hands
  
  That's why banking classes dislike deflationary currencies.
  

Maybe correct the over generalizations, then restate the claims with some evidence to support?  Clearly there is no similarity between an inflationary currency with a rate of 0.5% per year and one with a rate of 25% per year.

[RodeoX]

I suppose he thinks that if something costing 10BTC were to cost 11BTC next week, that would be good.? He must love $USDs.

[Spendulus]

I suppose he thinks that if something costing 10BTC were to cost 11BTC next week, that would be good.? He must love $USDs.

When Kruggie asks for his payment for shilling in BTC...

You won.

[Jobe7]

Certain elites (coughdavidcameroncough) think that the poor are much better off being subjugated and under the heel of the rich, and that we'll thank them for it .. unfortunately, the sheeple do thank them ...

[Spendulus]

Certain elites (coughdavidcameroncough) think that the poor are much better off being subjugated and under the heel of the rich, and that we'll thank them for it .. unfortunately, the sheeple do thank them ...

But the sheeple will not obey them when they want to buy some little thing that is available from Hong Kong for six euro, and which they can buy easily with bitcoin.

Then, after making their little deal for the small money they have after the rich took most of it, the sheeple return to pious expressions of gratitude and devotion to the wisdom of the elite and progressive leaders of the flock.

And you win again.