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Author Topic: Would Bitcoin Suffer a Similar Fate as that of Unix on the Desktop?  (Read 4111 times)
justusranvier
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May 13, 2013, 02:45:35 PM
 #41

See http://en.wikipedia.org/wiki/Gresham%27s_law

If this holds up then people will be using alternative non deflationary coins and hoarding (not using) bitcoins.
In what way is Gresham's Law applicable to cryptocurrencies?
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agentbluescreen
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May 13, 2013, 05:25:05 PM
 #42

The market has already decided. There are alternate cryptocurrencies with no hard limit on quantity.

Nobody uses them.

Amazingly enough, when people are free to choose they tend to choose to hold the currency which gains in value over the one which has a constant or decreasing value. So far no amount of persuasion works to convince people that they should reverse their preferences, so that's why advocates of those other systems can must constantly attempt to remove the features that people actually want in Bitcoin.  

See http://en.wikipedia.org/wiki/Gresham%27s_law

If this holds up then people will be using alternative non deflationary coins and hoarding (not using) bitcoins.

That wikipedia article is in serious need of editing  LOL


The queer notion that our human, public Medium of Work-Resource Exchange needs to ALSO be some other "commodity" that can easily be monopolized by any elite gang of "economic winners" to thus enslave us into debt to their "lending" monopoly, is BAD MONEY, not good.

This arises from the confusion of idiots who stupidly confuse a "money" (token of the limitless Prime Resource of all labours) with a wealth (some scrap-token of some hoard of mere inanimate and unproductive yet rarer junk).

A junkyard full of scrap cars contains thousands of rare parts worth thousands of times it's value, but one would not be right to regard it as a "good money".

The wikipedia article needs to be edited to describe the contrast between the coin and paper as that between a "dangerous, finite, limited-commodity token" and a "safe, properly growth-elastic and unlimited-resource token". In other words, dangerous money versus safe money.

Whenever there is not enough of a Medium of Work-Resource Exchange to put some in everyone's pockets an economy faces catastrophe!

It's not what you make money out of, or even what it's worth that ever really matters, it's WHO "OWNS" IT! (all?) ...that does!

For eons Gold Pharaohs enslaved us and our nations through their monopoly. Free us all from them forevermore with:
Bitcoin, the Goldslayer! - Welcome to the digitally portable, untraceable, perfectly lawful "BTC securitized OTC Credit Swap derivative" money that is OURS, ALONE! So you got your TARP, eh? Guess what?
townf
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May 13, 2013, 10:17:21 PM
 #43

See http://en.wikipedia.org/wiki/Gresham%27s_law

If this holds up then people will be using alternative non deflationary coins and hoarding (not using) bitcoins.
In what way is Gresham's Law applicable to cryptocurrencies?

In what way is it not?

Agentbluescreen says they aren't a "Medium of Work-Resource Exchange" or a "token of the limitless Prime Resource of all labours", and he is correct currently, but let's just wade through all that and pretend they are for now.
flyonwall
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May 14, 2013, 02:58:26 PM
 #44

Quote
It's not what you make money out of, or even what it's worth that ever really matters, it's WHO "OWNS" IT! (all?) ...that does!
Well, it's a market price, in a sense. That price has a network effect component. If everybody hoards something, its price goes up, but it won't be used as money. The network effect is that caused by everyone hoarding it. If quantity is unlimited but production of something is not so easy, its price would be more stable, and it will be used as money. The network effect in this case causes people to use it as a medium of exchange.

Just read about ppcoin. It is VERY interesting to me.
https://github.com/ppcoin/ppcoin/wiki/FAQ

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