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Author Topic: Doug Casey on Bitcoin  (Read 4920 times)
relative
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June 23, 2011, 09:31:28 PM
 #41

I also find it odd that they appeal to the authority of Aristotle to determine what money is. Aristotle was one of the great minds of history, but he wasn't perfect. No one has ever been more wrong about anything that Aristotle was about physics. I don't think his is the final word on money either.

you can agree or disagree with that, it doesn't say anything about bitcoin.
specifically, whether bitcoin is the facebook of e-currencies, or the myspace of e-currencies.
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June 23, 2011, 09:33:56 PM
 #42

There are many differences between gold and BTC's as have been mentioned.  One that seems to have eluded people is that gold is finite while BTC's are not.  Let me clarify, Bitcoins ARE finite but everything about this P2P currency is open source.  The model is easy to replicate.  Show me some sort of patent that protects Bitcoin from copycats.  If BTC become successful, what's stopping someone from making Bitcoinz, E-dollarz, P2Pcoins, etc. etc.

I'd consider that not a risk for bitcoins, but the ultimate goal.
competing currencies.
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June 23, 2011, 09:34:17 PM
 #43

Casey seems to miss the importance of the privacy feature of btc.

Indeed, and this feature is one of the most appreciated these days, not only for shady purposes, but also for keep our habits to ourselves. Common payment gateways all over the internet collects statistics about how, when and what you buy to send you "specific" publicity. This alone sounds like "big brother" enough!
BTC brought a way of internet money to become actually money.
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June 23, 2011, 09:55:01 PM
 #44

Quote from: Doug Casey
Bitcoins had been trading as high as $30 each and dropped to $0.01 at one point. Since Bitcoins rest on nothing but confidence, it’s going to be hard to restore that confidence now that it’s lost.

Why do people keep saying that Bitcoin dropped to 0.01?  I don't think a thief selling someone else's coins should count.

And I don't remember confidence dropping either. 
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June 23, 2011, 10:18:52 PM
 #45

I'd consider 30$ the more ridiculous number out of the two.

there is no economy to speak of already, and the money supply grows by another 40% within the year alone.
the 2,6 million coins that are mined in a year equal 80 million dollars at 30$.

that means 80 million dollars have to come in to SUSTAIN this price!
(or miners don't sell as many, but that only means they expect to sell it for even more in the future).

I like the bitcoin concept and all this specuation doesn't make it worse, but I'm sorry, this is insanity.
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June 23, 2011, 10:41:55 PM
 #46

I'd consider 30$ the more ridiculous number out of the two.

there is no economy to speak of already, and the money supply grows by another 40% within the year alone.
the 2,6 million coins that are mined in a year equal 80 million dollars at 30$.

that means 80 million dollars have to come in to SUSTAIN this price!
(or miners don't sell as many, but that only means they expect to sell it for even more in the future).

I like the bitcoin concept and all this specuation doesn't make it worse, but I'm sorry, this is insanity.
If you really believe bitcoin is a good idea and it has potential, 80 million dollars a year is absolutely nothing.

Global FX currency trading volume is 5 trillion dollars PER DAY, that's 62,500 times as large.
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June 23, 2011, 10:44:26 PM
 #47

80 million dollar a year added, not traded.
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June 23, 2011, 10:47:20 PM
 #48

I'd consider 30$ the more ridiculous number out of the two.

there is no economy to speak of already, and the money supply grows by another 40% within the year alone.
the 2,6 million coins that are mined in a year equal 80 million dollars at 30$.

that means 80 million dollars have to come in to SUSTAIN this price!
(or miners don't sell as many, but that only means they expect to sell it for even more in the future).

I like the bitcoin concept and all this specuation doesn't make it worse, but I'm sorry, this is insanity.
If you really believe bitcoin is a good idea and it has potential, 80 million dollars a year is absolutely nothing.

Global FX currency trading volume is 5 trillion dollars PER DAY, that's 62,500 times as large.

Bitcoins don't trade anywhere near 80 million per day. It's usually 100k - 1 million, when MtGox isn't down.
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June 23, 2011, 11:10:16 PM
 #49

80 million dollar a year added, not traded.
Understood. The point was, $80m may seem to be a lot for a business or a stock, but a negligible number in the currency world.
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June 23, 2011, 11:15:34 PM
 #50

Yeah, I expect to see, given the bitcoin, that in not too distant future

the certitude on this board that bitcoin will be adopted as a form of payment, let alone replace gold, or even replace ANYTHING, is bubble-esque.


personally, i just liquidated 24 oz of gold bullion.  last month liquidated 7 bags of silver.  all so i could buy....
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June 23, 2011, 11:27:25 PM
 #51

Yeah, I expect to see, given the bitcoin, that in not too distant future

the certitude on this board that bitcoin will be adopted as a form of payment, let alone replace gold, or even replace ANYTHING, is bubble-esque.


personally, i just liquidated 24 oz of gold bullion.  last month liquidated 7 bags of silver.  all so i could buy....
Wow, that's like more than $200K? You are my hero.
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June 23, 2011, 11:32:24 PM
 #52

http://forum.bitcoin.org/index.php?topic=21702.0

summarized my point there...so I don't (have to) spam different threads with the same stuff
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June 24, 2011, 03:19:08 AM
 #53

I'd consider 30$ the more ridiculous number out of the two.

there is no economy to speak of already, and the money supply grows by another 40% within the year alone.
the 2,6 million coins that are mined in a year equal 80 million dollars at 30$.

that means 80 million dollars have to come in to SUSTAIN this price!
(or miners don't sell as many, but that only means they expect to sell it for even more in the future).

I like the bitcoin concept and all this specuation doesn't make it worse, but I'm sorry, this is insanity.

Bitcoin seems to be the first currency in history that offers both privacy and portability across police state borders. When people realize its true potential they covet it. (Notice the bloke above who is divesting gold and silver to own bitcoin.) This appears to be a real phenomenon. And it's just getting started.

Unfortunately, bitcoin will probably suffer the same fate as gold, silver, (and goldmoney), and that is that the commodity itself is so precious that it is hoarded instead of traded. Why get rid of bitcoins (or gold, silver) when one can part with funny colored paper whose value is yanked around by crooks?  (real money crowds out bad)
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June 24, 2011, 08:07:16 AM
 #54

I'd consider 30$ the more ridiculous number out of the two.

there is no economy to speak of already, and the money supply grows by another 40% within the year alone.
the 2,6 million coins that are mined in a year equal 80 million dollars at 30$.

that means 80 million dollars have to come in to SUSTAIN this price!
(or miners don't sell as many, but that only means they expect to sell it for even more in the future).

I like the bitcoin concept and all this specuation doesn't make it worse, but I'm sorry, this is insanity.

Bitcoin seems to be the first currency in history that offers both privacy and portability across police state borders. When people realize its true potential they covet it. (Notice the bloke above who is divesting gold and silver to own bitcoin.) This appears to be a real phenomenon. And it's just getting started.

Unfortunately, bitcoin will probably suffer the same fate as gold, silver, (and goldmoney), and that is that the commodity itself is so precious that it is hoarded instead of traded. Why get rid of bitcoins (or gold, silver) when one can part with funny colored paper whose value is yanked around by crooks?  (real money crowds out bad)
Gresham's law, sure.
But no worries mate, people gotta eat sometimes and buy themselves nice things, so good money (bitcoin) will be circulating.

I'm just a poor boy, from a poor family:
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June 24, 2011, 08:29:04 AM
 #55

Bitcoin seems to be the first currency in history that offers both privacy and portability across police state borders. When people realize its true potential they covet it. (Notice the bloke above who is divesting gold and silver to own bitcoin.) This appears to be a real phenomenon. And it's just getting started.

Unfortunately, bitcoin will probably suffer the same fate as gold, silver, (and goldmoney), and that is that the commodity itself is so precious that it is hoarded instead of traded. Why get rid of bitcoins (or gold, silver) when one can part with funny colored paper whose value is yanked around by crooks?  (real money crowds out bad)

Real money crowds out bad (Gresham law) ONLY IF there is a fixed exchange rate between the two. If they are feely allowed to float Gresham law does not apply. This is why you can still buy gold.

Gold and silver did not stopped being used as money because people hoarded them and disappeared from day to day use. Governments regulated to impose their currency, removing any competition.
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June 24, 2011, 09:46:21 AM
 #56

What i find so... interesting is how everyone can just send bitcoins with few clicks, no laws, regulamentations, contracts to accept bigger than a elephant or what else
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June 24, 2011, 09:51:04 AM
 #57

Guess who has all their money in Gold?

Aside from being a pretty and maleable metal, I do not understand why Gold is valued any more highly than Bitcoins aside from the history of trading. Gold is no more 'backed' than Bitcoins, you can't eat either at the end of the day.

Imagine your DR Who from the TV show with a time machine.  You can go back anytime you want in 4,000 years but you don't know which year.  What do you bring as a currency to trade?
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June 24, 2011, 10:18:36 AM
 #58

Imagine your DR Who from the TV show with a time machine.  You can go back anytime you want in 4,000 years but you don't know which year.  What do you bring as a currency to trade?

But that just means one thing; gold has been around longer.
Like saying that next year will appear NetCoin, it will actually take off and 100 years from now is the regular currency. A person living at such age with a time machine wants to visit our year. He would better bring Bitcoins because Netcoins are yet unknown.
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June 24, 2011, 11:36:58 AM
 #59

Guess who has all their money in Gold?

Aside from being a pretty and maleable metal, I do not understand why Gold is valued any more highly than Bitcoins aside from the history of trading. Gold is no more 'backed' than Bitcoins, you can't eat either at the end of the day.

Imagine your DR Who from the TV show with a time machine.  You can go back anytime you want in 4,000 years but you don't know which year.  What do you bring as a currency to trade?
What about aluminium?  Grin
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June 24, 2011, 02:02:41 PM
 #60

Guess who has all their money in Gold?

Aside from being a pretty and maleable metal, I do not understand why Gold is valued any more highly than Bitcoins aside from the history of trading. Gold is no more 'backed' than Bitcoins, you can't eat either at the end of the day.

Imagine your DR Who from the TV show with a time machine.  You can go back anytime you want in 4,000 years but you don't know which year.  What do you bring as a currency to trade?

Triganic PU. (look it up)

insert coin here:
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc

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