2013-04-03 Unqualified Reservations: Felix Salmon's Bitcoin FUD

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Mencius Moldbug rebuttal to the Felix Salmon garbage article.

http://unqualified-reservations.blogspot.com/2013/04/felix-salmons-bitcoin-fud.html

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[Maciek]

+1

[abbyd]

THIS

It is trivial to do business in Bitcoin when BTC/USD is unstable.  Simply post the price in USD, and use the BTC/USD
exchange rate as of the transaction date.  Even if buyer and seller are both saving in USD, within a couple of seconds
they can exchange in, send Bitcoin, and exchange out.  The prices realized may differ slightly from the posted estimate, but only slightly.

Nailed him pretty good - I actually enjoyed watching a "legitimate economist" cautiously praising bitcoin, then trying
to turn full negative in the last 3 paragraphs with some doggerel about "banking is a cornerstone of democracy".

BWAHAHA.

[Wekkel]

...
to turn full negative in the last 3 paragraphs with some doggerel about "banking is a cornerstone of democracy".

BWAHAHA.

You may want to rethink this over and contemplate whether modern capitalism (the free version, what's left of it) cold work without some form of banking. Personally, I think banking is an essential element of our society. Don't mistake the current situation for what it actually should have been.

[abbyd]

You may want to rethink this over and contemplate whether modern capitalism (the free version, what's left of it) cold work without some form of banking. Personally, I think banking is an essential element of our society. Don't mistake the current situation for what it actually should have been.

FTFY
 I think banking debt is an essential element of our society

The higher up the food chain you are, the more you justify the status quo...
but it's always sad when somebody thinks they're higher up than they are.