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Author Topic: 2013-04-09 What Bitcoin Is Teaching Us  (Read 6769 times)
hazek
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April 09, 2013, 06:10:38 PM
 #1

A brilliant article By Jeffrey Tucker:

http://dailyreckoning.com/what-bitcoin-is-teaching-us/

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“Thanks to Bitcoin, I am now living debt-free, just today managed to pay off all of my credit card debt!” — so reports a poster on Reddit, and the statement was echoed by many others. A currency that not only discourages debt, but earns enough money to pay off previous debt, plus encourages saving?

It seems unthinkable to people today.

Read more: What Bitcoin Is Teaching Us http://dailyreckoning.com/what-bitcoin-is-teaching-us/#ixzz2PzVqNg3m

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

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sunnankar
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April 09, 2013, 06:27:19 PM
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This is awesome. The Great Credit Contraction, which will evaporate all the debt and greatly strangle fractional reserve banking, is kicking into high gear.


marcus_of_augustus
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April 09, 2013, 09:47:43 PM
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Yep. The crux of the whole matter is alluded to in this article.

The essence of capitalism, the accrual of capital as savings for purpose of future investment, is seriously undermined or simply dysfunctional when built upon debt based money which is designed to erode capital (savings).

One of the crucial points Hayek was making in his short article :

https://mises.org/daily/3204

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If we start on this soon we may indeed achieve a position in which at last capitalism is in a position to provide itself with the money it needs in order to function properly, a thing which it has always been denied. Ever since the development of capitalism it has never been allowed to produce for itself the money it needs; and if I had more time I could show you how the whole crazy structure we have as a result, this monopoly originally only of issuing gold money, is very largely the cause of the great fluctuations in credit, of the great fluctuations in economic activity, and ultimately of the recurring depressions. I think if the capitalists had been allowed to provide themselves with the money which they need, the competitive system would have long overcome the major fluctuations in economic activity and the prolonged periods of depression. At the present moment we have of course been led by official monetary policy into a situation where it has produced so much misdirection of resources that you must not hope for a quick escape from our present difficulties, even if we adopted a new monetary system.

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April 09, 2013, 10:02:38 PM
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Here is the article translated in Italian for whom may be interested:

http://ilporticodipinto.it/content/che-cosa-ci-sta-insegnando-bitcoin

Articoli bitcoin: Il portico dipinto
Stephen Gornick
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April 10, 2013, 10:43:14 AM
 #5

Here's the money shot:

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Here’s what beautiful about this experience: It doesn’t matter in the slightest what Paul Krugman thinks. It doesn’t matter how many economic experts Paul Krugman lines up to oppose Bitcoin. It doesn’t matter how many Nobel Prize winners denounce it and oppose it. That’s because Bitcoin is not a “policy” invented by elite and privileged intellectuals. It is a market-based currency, one created by an entrepreneur and chosen by market players.
[emphasis mine]

And that is exactly the message that needs to be shared.

If bitcoin continues on its current trajectory being wildly successful (specifically its recognition and use as a currency) and that success will bring huge shifts and dislocations, then there will be a huge shifts and dislocations.  (And hopefully they come to the bloated financial sector first  Grin )  But it is like the entertainment industry saying how they don't like MP3 sharing.  Well, they can stomp their feet and make a bunch of theatrics but in the end MP3s will be shared.  Bitcoin, like the internet, routes around "damage".

The genie is out of the bottle.

hazek
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April 10, 2013, 11:28:33 AM
 #6

The genie is out of the bottle.

A non religious amen to that.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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