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Author Topic: Article: Maybe Bitcoin Will Grow Up to be a Currency (Bloomberg)  (Read 512 times)
ebliever
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March 09, 2016, 02:10:27 PM
 #1

http://www.bloombergview.com/articles/2016-03-08/maybe-bitcoin-will-grow-up-to-be-a-currency

Has some good economics in this article, combined with a terrible grasp of bitcoin. (Warning: The last sentence will cause a facepalm. And how does he propose we do *that*?)

Luke 12:15-21

Ephesians 2:8-9
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March 09, 2016, 02:12:24 PM
 #2

Hey, the guy's got loads of qualifications so he outranks us all when it comes to this. He can submit a big mac BIP and lead us into the future.

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March 09, 2016, 02:16:14 PM
 #3

I've skimmed through the article. Its just more propaganda. His Big Mac example is a straw-man argument. Bitcoin does have a lot of potential. The author of that article obviously does not underdstand the Blockchain technology.

Signatures? How about learning a skill... I don't care either way. Everybody has to make a living somehow.
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March 09, 2016, 02:43:14 PM
 #4

Bitcoin already did grew up to be a real currency. It is the first Global currency that works outside government, Banks and central Banks control.
I hope it stays like that for a lot of time!
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March 09, 2016, 02:57:15 PM
 #5

Wow! It's frightening that a banker has so little understanding of the real world.  There is only one Bitcoin, but there are two versions of each fiat currency - the cash in circulation, and the virtual currency on deposit with the banks. Houses can be very liquid, and almost a currency. I know people who trade contracts to buy as if the were checks. Similarly with cars, in England you can register a car as "in the trade", and you can then trade the registration details as if they were bank notes. The value of Bitcoin is based on the willingness of people to buy it as a trading currency, and also as an investment against inflation. Pegging the price of Bitcoin to a big mac is about as intelligent as pegging the US dollar to the price of oil. Smiley

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March 09, 2016, 03:01:14 PM
 #6

We need a BTC/BigMac market, we need to open it for voting at Poloniex.

If someone could start working on a BTC/BigMac Index, that would be awesome.

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March 09, 2016, 03:21:40 PM
 #7

The sad truth is, that this is the most accurate information in that article ==> " Now, in the financial world, we expect low risk to come at a price: poor long-term returns. And in fact, the value of the U.S. dollar decreases over time, at a very slow consistent rate. That’s exactly what finance would predict -- in exchange for being a good short-term store of value, good money is a terrible long-term investment."

He says " Liquidity” is the most important aspect that gives fiat money it's value.... So based on his theory .. " Liquidity” means your ability to quickly and easily trade something for other things,

Bitcoin should adhere to this requirement and also be a good store of value.  Roll Eyes

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March 09, 2016, 03:25:00 PM
 #8

I really doubt that bitcoin will ever be able to become a mainstream currency because bitcoin simply doesn't have the basic characteristics of a mainstream currency.

The regulators will never allow general people to simply mine money. They will always want people to have money printed at their own mint so that they can have a track of it. Due to this basic reason only, Bitcoin will remain a non-mainstream currency.


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March 09, 2016, 04:19:44 PM
 #9

Bloomberg has a lifetime of dollar-denominated investment success.  To a hammer, everything looks like a nail.  Someone else will lead the Bitcoin parade.

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March 09, 2016, 04:28:17 PM
 #10

He seems to be primarily relying on the historic success countries have had with abandoning the gold standard.

For the last line, I would have preferred him using a pizza instead of the Big Mac.  Wink


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March 09, 2016, 04:49:31 PM
 #11

summary : " poeple are so dumb you can hand them piece of paper call it money and it works! why would we need bitcoin ? "

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March 09, 2016, 04:58:39 PM
 #12

The Big Mac reference sums up the entire article: decades out of date, and lifetimes out of touch. McDonalds franchises are shutting their doors at a pace never before known. Their business model is as dead as the central banks and print media that Bloomberg built their business on. Apparently, rats drunk on success don't even realise the ship is sinking.

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