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Author Topic: 2013-02-24 Daily Bell: Robert Wenzel Interview  (Read 1311 times)
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February 25, 2013, 03:57:40 AM
 #1

Robert Wenzel on His Economic Policy Journal, Elite Memes and the Expanding American Empire

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Daily Bell: What do you think of bitcoin?

Robert Wenzel: Bitcoins have some use value for anonymous transactions and also as a method for quick, safe transactions. But it is not money at this time. Anyone using bitcoins in a transaction is converting bitcoin values in their head to dollars. Thus, a bitcoin is closer to a digital American Express travelers check (with a fluctuating value), then a stand-alone currency.

If people ever stop the calculation from bitcoins into dollars and just start thinking in terms of bitcoin buying power, then it would become money.

This is not impossible. If there is ever a major crackdown on the economy and, say, price controls and major black market activity develops, bitcoins could become an alternative currency.

Thus, I am not saying bitcoins won't become money, but they are not now. And I don't see it occurring in the short term at all. In the long term, there is a slim chance. More likely, bitcoin could become a popular method to facilitate safe, secure transactions, rather than become a money.

Full Interview:
http://dailybell.com/28719/Anthony-Wile-Robert-Wenzel-on-His-Economic-Policy-Journal-Elite-Memes-and-the-Expanding-American-Empire
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February 25, 2013, 08:56:22 PM
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Robert Wenzel on His Economic Policy Journal, Elite Memes and the Expanding American Empire

Quote
Daily Bell: What do you think of bitcoin?

Robert Wenzel: Bitcoins have some use value for anonymous transactions and also as a method for quick, safe transactions. But it is not money at this time. Anyone using bitcoins in a transaction is converting bitcoin values in their head to dollars. Thus, a bitcoin is closer to a digital American Express travelers check (with a fluctuating value), then a stand-alone currency.

If people ever stop the calculation from bitcoins into dollars and just start thinking in terms of bitcoin buying power, then it would become money.

This is not impossible. If there is ever a major crackdown on the economy and, say, price controls and major black market activity develops, bitcoins could become an alternative currency.

Thus, I am not saying bitcoins won't become money, but they are not now. And I don't see it occurring in the short term at all. In the long term, there is a slim chance. More likely, bitcoin could become a popular method to facilitate safe, secure transactions, rather than become a money.

Full Interview:
http://dailybell.com/28719/Anthony-Wile-Robert-Wenzel-on-His-Economic-Policy-Journal-Elite-Memes-and-the-Expanding-American-Empire


I wonder in his actual opinion if we have to stop it 'ever' or 'forever' because some people have sometimes done that.

I think it's kind of a silly idea though. If I ever find myself in a land that uses Euros I'll be converting it in my head to dollars not because Euros aren't money but because I spend most of my time in a place that uses dollars. The existence of some people who don't do that doesn't seem very important. Suppose there was a place where no one lived but only vacationed (humor me, even the workers only stay for one month shifts) everyone would always be thinking of the currency there as foreign and doing conversions but that money would still be a money.

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February 25, 2013, 09:03:47 PM
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Quote
Robert Wenzel:
..
Anyone using bitcoins in a transaction is converting bitcoin values in their head to dollars.
..
If people ever stop the calculation from bitcoins into dollars and just start thinking in terms of bitcoin buying power, then it would become money.
..

Everytime I use dollars in a transaction I'm converting dollar values in my head to euros.
Do I need to stop calculating and just start thinking in terms of dollar buying power for the dollar to become money?
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February 25, 2013, 09:32:00 PM
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Robert Wenzel on His Economic Policy Journal, Elite Memes and the Expanding American Empire

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If people ever stop the calculation from bitcoins into dollars and just start thinking in terms of bitcoin buying power, then it would become money.

This is his personal criteria. It does not exist in any definition or classification of money anywhere that I know of. In other words, he just made it up.

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February 25, 2013, 10:16:42 PM
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There are contradictions in his statement about 'buying power.'


He uses the example of AMEX traveler's cheques.  These cheques are pegged at their denomination in currency.


Bitcoin isn't pegged.  Functionally, it's a secondary, intermediate currency with it's own buying power.  Greater than a commodity - since one rarely pays for a steak dinner with (n) amount of pork bellies.






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February 25, 2013, 10:55:37 PM
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I wonder whether this Wenzel would or has said that gold is not money now because people value it in their heads in terms of fiat quantities?  Huh

If he hasn't, i dare him to say that during one of his GoldMoney interviews, or to Ron Paul supporters!  Cheesy

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February 25, 2013, 11:12:32 PM
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I swear one time I won some dollars and my thought was "Yes, that's over 500 bitcoins".

But we already knew the dollar isn't "real money"(tm)

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February 25, 2013, 11:22:52 PM
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Quote
Robert Wenzel:
..
Anyone using bitcoins in a transaction is converting bitcoin values in their head to dollars.
..
If people ever stop the calculation from bitcoins into dollars and just start thinking in terms of bitcoin buying power, then it would become money.
..

Everytime I use dollars in a transaction I'm converting dollar values in my head to euros.
Do I need to stop calculating and just start thinking in terms of dollar buying power for the dollar to become money?

This

I was going to say exactly the same thing.

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February 25, 2013, 11:25:11 PM
 #9

He uses the example of AMEX traveler's cheques.  These cheques are pegged at their denomination in currency.

Yes, it shows he does not fully understand the Bitcoin concept. By analogy, Bitcoin is both the blood (value store) and the veins (value transfer).

In his example with AMEX traveler's cheques, the USD is the blood and the traveler's cheque is the veins.

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February 26, 2013, 09:36:29 PM
 #10

I wonder whether this Wenzel would or has said that gold is not money now because people value it in their heads in terms of fiat quantities?  Huh

If he hasn't, i dare him to say that during one of his GoldMoney interviews, or to Ron Paul supporters!  Cheesy

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