Thoughts on this bitcoin doubter?

[hotsurfing]

http://m.heraldsun.com.au/business/jessica-irvine/bitcoin-a-bubble-best-avoided-argues-jessica-irvine/story-fnic6m5b-1226766825875

[beetcoin]

already posted in the general forum.. and people are pooping on her position... mainly because it seems she hasn't properly researched into BTC.

[Sindelar1938]

Her views are poorly researched

Expect extremes ofopinion going forward

[tarena]

Yeah, just another hack with a poor understanding of how bitcoin works. However, if you are interested in her opening arguments for how currency functions as medium of exchange I recommend reading marxist economic theory 1 and 2. It's not a politically based book. It provides numerous cited sources and research by historians and archaeologists for how our economy has evolved around the world since the beginning of time. Essentially, all value is based on time. Therefore, value bitcoin at the time required to uncover blocks of encryption. Read about sah-256 and you will have your answer. Value, and rarity. Look past speculation, focus on the fundamentals of value. Think back to when it was a more stable price following the rebound of silk roads shutdown. Then calculate a projected growth based on the amount of bitcoins being mined daily, and the amount of people likely to adopt bitcoin.

Bada Bing, Bada boom, get your value that way.

[odolvlobo]

The author lacks a basic understanding of both currency and bitcoin.

A currency is not a promise to pay. Debt is a promise to pay. And while fiat currencies (i.e. government currencies) are based on debt, the currency itself is still a payment, not a promise of payment. Furthermore, bitcoin is not based on debt.

Only 21 million bitcoins will be produced. The number cannot be changed arbitrarily. It would require a consensus, and since increasing the number would reduce the value, no rational person would support it.

A Bitcoin payment, unlike other forms of payment, is irreversible and verifiable. No trust is needed. If an untrustworthy person sends you a Bitcoin payment, you know that it has been sent and it cannot be reversed or canceled.

[raspcoin]

Here is the link to the full thread: https://bitcointalk.org/index.php?topic=344591.0

[ohiofarmer]

Her argument boils down to a belief that more than 21 million bitcoins will eventually get created (which is untrue). Bitcoin is finite, unlike fiat currencies.

[hotsurfing]

Yeah, just another hack with a poor understanding of how bitcoin works. However, if you are interested in her opening arguments for how currency functions as medium of exchange I recommend reading marxist economic theory 1 and 2. It's not a politically based book. It provides numerous cited sources and research by historians and archaeologists for how our economy has evolved around the world since the beginning of time. Essentially, all value is based on time. Therefore, value bitcoin at the time required to uncover blocks of encryption. Read about sah-256 and you will have your answer. Value, and rarity. Look past speculation, focus on the fundamentals of value. Think back to when it was a more stable price following the rebound of silk roads shutdown. Then calculate a projected growth based on the amount of bitcoins being mined daily, and the amount of people likely to adopt bitcoin.

Bada Bing, Bada boom, get your value that way.

Tarena. I'm not good a maths. Could you tell me thanks hah