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Author Topic: Bitcoin will be on the Peter Schiff Show 2011-06-20 at 10AM EDT  (Read 6839 times)
hugolp
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June 21, 2011, 02:35:47 PM
 #61

"Intrinsic" value in this context does not mean intrinsic value in a philosophical sense.  Rather, it means having value other than as a medium of exchange.  IMO the industrial use for gold is rather weak compared to silver or oil or copper or rice, but even gold has SOME industrial value, while bitcoins do not.

Gold has a lot of industrial uses, just not at these prices. For example, gold is a very good conductor and would be used in electronics a lot if it was dirt cheap. But people value more gold as money than gold as conductor, thus is used as money.

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As a medium of exchange, bitcoins do have value, but usefulness as a medium of exchange does not lead to long term stable prices.  And perhaps not even short term stable prices.  In the interview Donald Norman is completely correct in saying that bitcoins make a good medium of exchange but a poor store of value.

I dont know where you are getting this. Bitcoin has been a good store of value. And the long term or short term stable prices I dont even know where you are getting it.
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June 21, 2011, 02:53:01 PM
 #62

Gold and silver have long histories of being valuable.  Actually longer than history itself.  You can hardly fault a guy for preferring it over this newfangled unproven thing.

But give it time.  Bitcoin has virtues that aren't always obvious.

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June 21, 2011, 02:56:25 PM
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Gold has a lot of industrial uses, just not at these prices. For example, gold is a very good conductor and would be used in electronics a lot if it was dirt cheap. But people value more gold as money than gold as conductor, thus is used as money.

Yes, exactly.  Whereas instruments backed by other commodities will more closely follow their industrial value.

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As a medium of exchange, bitcoins do have value, but usefulness as a medium of exchange does not lead to long term stable prices.  And perhaps not even short term stable prices.  In the interview Donald Norman is completely correct in saying that bitcoins make a good medium of exchange but a poor store of value.

I dont know where you are getting this. Bitcoin has been a good store of value. And the long term or short term stable prices I dont even know where you are getting it.

No exchange ratio of BTC/USD is any more or less appropriate than any other exchange ratio.  The ratio could really be anything.  There is no telling whether it will go to 1% or 1000% of its value.  The reason the exchange ratio is arbitrary is that it has no value except in exchange.

My interpretation is that this is essentially what Peter Schiff was saying and Donald Norman agreed.
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June 21, 2011, 03:40:56 PM
 #64

No exchange ratio of BTC/USD is any more or less appropriate than any other exchange ratio.  The ratio could really be anything.  There is no telling whether it will go to 1% or 1000% of its value.  The reason the exchange ratio is arbitrary is that it has no value except in exchange.

My interpretation is that this is essentially what Peter Schiff was saying and Donald Norman agreed.

That was pretty much how I heard it too.

On the other hand, the exact same argument could be made for every other possible ratio, be it dollars to gold, or gold to chickens, or chickens to apples, or whatever.

Even people that are really good with economics get caught up in these traps.  They mistake the ability to eat something (or whatever) with the notion that it has some sort of stable value in relation to something or everything else.

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June 22, 2011, 07:08:38 PM
 #65

Found the show archived at:


http://kiwi6.com/file/9j8g288xs7

http://www.mediafire.com/?a5y5zkituuotfha

http://torrage.ws/torrent/186212A02D679BCA24FEAD1D822F28DC2ADB4831.torrent

http://thehashden.org/torrent/AB87A3F9748D576F63768564519D0DCB0DC338A3.torrent


My first miner -> ATI 4550 (7.2 Mh/sec): 
https://www.facebook.com/groups/cryptospeculators/
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