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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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zby
Legendary
 Offline
Activity: 1592
Merit: 1001
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March 05, 2013, 08:09:23 PM |
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Summary:
» Bitcoins can be hyperinflated in substance
» Bitcoins can never be the most saleable good
» Bitcoins cannot account for the regression theorem
» Bitcoins are the equivalent of token money
» Bitcoins are the opposite of anonymous
» The USD price of a bitcoin has been rising in an unsustainable fashion, the only thing missing being a blow-off top http://seekingalpha.com/instablog/7761841-patrik-korda/1616371-bitcoin-bubble-2-0Regression theorem is just one hypothesis on how we invented money (the other popular one is money as debt) - but it does not state that this is the only way to create money in a society that has the technologies that we have now. |
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kiba
Legendary
Offline
Activity: 980
Merit: 1014
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March 05, 2013, 08:32:15 PM |
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Maybe Regression theorem is just wrong? It's a hypothesis that can be falsified.
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twolifeinexile
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March 05, 2013, 08:40:58 PM |
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Summary:
» Bitcoins can be hyperinflated in substance
» Bitcoins can never be the most saleable good
» Bitcoins cannot account for the regression theorem
» Bitcoins are the equivalent of token money
» Bitcoins are the opposite of anonymous
» The USD price of a bitcoin has been rising in an unsustainable fashion, the only thing missing being a blow-off top http://seekingalpha.com/instablog/7761841-patrik-korda/1616371-bitcoin-bubble-2-0I would say it is pretty good article, though he acutally didn't quite understand bitcoin, like the anonymity (It is not anoymous, but definitely not the opposite), he did see competition from alternative currencies, but these competition is not about "hyperinflated in substance" since once bitcoin establish itself, it has a unbreakable "blockchain" that no way any other alternative currencies can provide. (They may provide other features that people like more and ultimately win over bitcoin, but if they win, then bitcoin will die( I mean become insignificant)). |
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marcus_of_augustus
Legendary
Offline
Activity: 3920
Merit: 2348
Eadem mutata resurgo
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March 05, 2013, 09:29:20 PM |
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He basically admits right at the start that he doesn't understand the technology and has made no attempt to learn what he senses to be "jargon", A conversation with a typical bitcoiner usually leads into a whole series of ignoratio elenchi after ignoratio elenchi revolving around technological jargon. and then he immediately abstracts away this deficiency in his understanding by resorting to an analogy (a dangerous tactic for any thorough logician), from the time when the technology he does not want to understand, or admit to the functional novelties of, does not exist Thus, I think it would be useful to start this article off with an analogy set in the past. Suppose that during the 1970's, ... From there on you know he can be only analyzing bitcoin in the abstract sense using a theory of money framework applicable to the 1970's ... a nice trick but useless for a modern understanding. Also he italicises quotes from well-known authors, Menger, von Mises, etc and then does the same thing for his own sections he thinks are that important, in his own mind, or to lend undeserved authority or weight to? It smells like a 'literate' hit-piece, sprinkled with digs to smear Chuck-E-Cheese tokens, tulip manias, derision of crypto-geeks and hints at underworld characters who choose to use btc, etc ... sour grapes?, wants to get in lower? spurned gold-bug? ... hard to say, but not a serious academic work, or even that useful to gain a market understanding. That is not say that bitcoin isn't in a bubble of course, all monetized instruments are in a state of bubble,  |
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FreddyFender
Full Member
Offline
Activity: 215
Merit: 100
Shamantastic!
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March 05, 2013, 10:32:31 PM |
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It smells like a 'literate' hit-piece, sprinkled with digs to smear Chuck-E-Cheese tokens, tulip manias, derision of crypto-geeks and hints at underworld characters who choose to use btc, etc ... sour grapes?, wants to get in lower? spurned gold-bug? ... hard to say, but not a serious academic work, or even that useful to gain a market understanding.
I noticed that the trollie-moley population seems way too quite. Switching tactics maybe for articles and commentary off-forum. Most news articles have solid btc commentary by fellow bitcoiners to counter any FUD... but this is the first time I sense the trolls are at a loss to counter the rise in prices without looking foolish. FF |
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FreeMoney
Legendary
Offline
Activity: 1246
Merit: 1014
Strength in numbers
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March 06, 2013, 01:23:19 AM |
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Summary:
» Bitcoins can be hyperinflated in substance
» Bitcoins can never be the most saleable good
» Bitcoins cannot account for the regression theorem
» Bitcoins are the equivalent of token money
» Bitcoins are the opposite of anonymous
» The USD price of a bitcoin has been rising in an unsustainable fashion, the only thing missing being a blow-off top http://seekingalpha.com/instablog/7761841-patrik-korda/1616371-bitcoin-bubble-2-0Regression theorem is just one hypothesis on how we invented money (the other popular one is money as debt) - but it does not state that this is the only way to create money in a society that has the technologies that we have now. This. I think it is a correct description of the past. And that's all. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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apetersson
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March 06, 2013, 03:16:07 AM |
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well, they asked for a blow-off top, they got one. at least the part up looks finished.
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fancy_pants
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March 06, 2013, 05:50:54 AM |
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I don't know if it's fair to say this, but I've always thought of Seeking Alpha as a site for short sellers to congregate and figure out who will be their next target. This article seems pretty typical. I think you can short btc on mpex.co any others? I'm currently holding onto btc both short and long term, but reserving the right to change my mind...
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grondilu
Legendary
Offline
Activity: 1288
Merit: 1076
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March 06, 2013, 06:35:37 AM |
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Bitcoins can be hyperinflated in substance --This is a feature, not a flaw. Admittedly a lot of people seem to be struggling with the flip-side of Bitcoin's Open Source nature (sigh...). They're happy that Bitcoin's source code can be inspected for safety and trustworthiness reasons, but they don't want too many competitors popping up, lest their hard-speculated wealth gets inflated away  This could also explain why the concept is hard to "sell" to potential newcomers because they immediately think they've detected a flaw (and that the Bitcoin fan is a gullible idiot). Bitcoin's solution to the hyper-inflation problem is not the "21 million fixed inflation target", it's about giving ordinary people the power to create new currencies that are technically robust. And it's about having faith that this "ecosystem of competing crypto-currencies" will eventually settle into a dynamic equilibrium. As an aside, the competitive side of Bitcoin alt-chains seems to have been struggling since the very beginning, and I hope that emerging payment schemes such as Ripple will help to speed things up. I bet the guy behind Ripple is the real Satoshi ...just kidding Exactly. We all knew from the very beginning that anyone could create a fork of bitcoin at anytime. I'm not sure people even need to be reminded of that considering how obvious it is once you understand it's fully free and opensource software. |
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HostFat
Staff
Legendary
Offline
Activity: 4214
Merit: 1203
I support freedom of choice
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March 06, 2013, 07:11:47 AM |
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Did he deleted it?  |
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marcus_of_augustus
Legendary
Offline
Activity: 3920
Merit: 2348
Eadem mutata resurgo
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March 06, 2013, 07:42:10 AM |
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BkkCoins
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March 06, 2013, 09:01:46 AM |
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I don't know if it's fair to say this, but I've always thought of Seeking Alpha as a site for short sellers to congregate and figure out who will be their next target. This article seems pretty typical. I think you can short btc on mpex.co any others? I'm currently holding onto btc both short and long term, but reserving the right to change my mind...
I'd be curious to know if any short sellers on MPEX have lost their shirts over the last week. |
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lonelyminer (Peter Šurda)
Donator
Hero Member
Offline
Activity: 544
Merit: 500
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March 06, 2013, 01:08:59 PM |
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I wrote a rebuttal, I have to get offline now but I'll post it on my blog later today.
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Gabi
Legendary
Offline
Activity: 1148
Merit: 1008
If you want to walk on water, get out of the boat
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March 06, 2013, 01:14:28 PM |
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kiba
Legendary
Offline
Activity: 980
Merit: 1014
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March 06, 2013, 01:58:02 PM |
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Dude, the blogger should at least admits that he's wrong.
If he did, he have balls and I respect him for it.
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apetersson
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March 06, 2013, 02:24:02 PM |
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I wrote a rebuttal, I have to get offline now but I'll post it on my blog later today.
do you have the original cached? |
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HostFat
Staff
Legendary
Offline
Activity: 4214
Merit: 1203
I support freedom of choice
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March 06, 2013, 02:40:33 PM |
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I hope that someone has saved it |
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jimbobway
Legendary
Offline
Activity: 1304
Merit: 1014
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March 06, 2013, 03:18:16 PM |
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There bas been an influx of super trolls lately from the day trading arena basically rehashing the same ol' arguments many bitcoiners have talked about the past 2+ years on a daily basis.
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Severian
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March 06, 2013, 03:24:11 PM |
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He quotes Bernard Baruch at the beginning of his piece. Bernie was the head of the War Industries Board during WWI. He's one of the more manipulative moneymen in American history and is one of the godfathers of the American war machine.
If this poor kid thinks Baruch is someone to emulate, he's already wandering around in the weeds. No wonder Bitcoin confuses him.
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