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Author Topic: 2013-06-07 Financial Times: Bitcoin buzz shakes US bond market  (Read 1367 times)
cescan
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June 09, 2013, 06:59:01 AM
Last edit: June 10, 2013, 02:28:18 PM by jgarzik
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http://www.ft.com/intl/cms/s/0/e9198f38-b7cb-11e2-9f1a-00144feabdc0.html
 
The buzz over Bitcoin is partly about its gall: an odd bunch of plotters aiming to build a vast community willing to trade in a digital currency free of central bank meddling. (Never mind that the favoured way to gauge its value is in good old Fed-tainted US greenbacks).

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June 09, 2013, 07:35:56 PM
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My measured reply to the author:

Quote
Where to begin with this rather oblique article. First the author implies some deficiency with Bitcoin being valued in other currencies, instead of making the obvious connection that Bitcoin, like Gold, is valued in the sovereign currency of the buyer or sellers choice, and is much superior to fiat in general.

The real problem is that flawed sovereign currencies still exist in their easily printed forms, either digitally or physically. Then there's a bit of a rambling segue that attempts to link the bond market makers dissatisfaction with Bitcoin's free trade principles.

Bitcoin isn't a debt instrument, it isn't issued in the Trillions, and it will most certainly be around way after the debt market you speak of is a dessicated husk, much in the same way we consider natives trading with shells and beads to be quaint and ridiculous.

The world is going to undergo a rather alarming change (for those that have vested interest in ever-inflating currencies ruling the show), and Bitcoin is the catalyst. As the old financial dinosaurs like the author bray and shout about how "odd" and seemingly inconsequential Bitcoin is, they're just repeating the same obtuse logic that will leave them stuck in the tar pits, to be found by future financial archeologists.


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June 10, 2013, 02:56:16 AM
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My measured reply to the author:

Quote
Where to begin with this rather oblique article. First the author implies some deficiency with Bitcoin being valued in other currencies, instead of making the obvious connection that Bitcoin, like Gold, is valued in the sovereign currency of the buyer or sellers choice, and is much superior to fiat in general.

The real problem is that flawed sovereign currencies still exist in their easily printed forms, either digitally or physically. Then there's a bit of a rambling segue that attempts to link the bond market makers dissatisfaction with Bitcoin's free trade principles.

Bitcoin isn't a debt instrument, it isn't issued in the Trillions, and it will most certainly be around way after the debt market you speak of is a dessicated husk, much in the same way we consider natives trading with shells and beads to be quaint and ridiculous.

The world is going to undergo a rather alarming change (for those that have vested interest in ever-inflating currencies ruling the show), and Bitcoin is the catalyst. As the old financial dinosaurs like the author bray and shout about how "odd" and seemingly inconsequential Bitcoin is, they're just repeating the same obtuse logic that will leave them stuck in the tar pits, to be found by future financial archeologists.


Good one.

I opted out after the rego pop-up. FT sucks in that regard. Pity that their quality reporters have to get lumped in with some of the scumbags that run the joint.

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June 10, 2013, 04:41:21 AM
 #4

This is not a serious article about Bitcoin. We discussed it a few weeks back...

It's the pathetic cartoon. They wanted to stick a cartoon somewhere. Had a couple of column inches spare, so asked a writer to do an intro tying in the drawing.

You might be right.  The cartoon was not only unfunny but largely incomprehensible...probably drawn by the brother of the wife of someone higher-up, and included as a personal favour, lest marital intercourse be withheld for the rest of the month.


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June 11, 2013, 03:52:46 AM
 #5

It seems to me that the headline is completely wrong.

The writer is kind of saying don't dismiss bitcoin simply because it doesn't have a central authority and is based on faith, after all look at $multi-trillion US corporate bond market.
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