Zero-sum arguments

[CliffordM]

A lot of smart people are worried about Bitcoin's increasing importance and value.  They worry that all bitcoin is doing is simply taking money from elsewhere in a speculative frenzy, chasing what is an irrational bubble.

In particular they use the classic zero-sum argument that says that for whoever makes $1 from bitcoin, someone else has lost $1.

Well, in pure accounting terms this is true.  But if Bitcoin represents a beneficial new paradigm in global finance ( and the world certainly needs one!) , then Bitcoin can be adding economic value to the world. 

How does this work ?  Just like any company that builds a better mouse-trap.  People rush to use the new product as it uses less resources than before.  The surplus economic resources represent true global profit.

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[MaxBTC1]

n particular they use the classic zero-sum argument that says that for whoever makes $1 from bitcoin, someone else has lost $1.

That makes absolutely no sense.

[DeathAndTaxes]

In particular they use the classic zero-sum argument that says that for whoever makes $1 from bitcoin, someone else has lost $1.

Anyone who says that isn't worth listening to.   That dynamic is only true if Bitcoin goes to $0, fails completely and is never revived/rebooted.

[Pente]

Bitcoin creates more savings which creates more wealth. Fiat coin creates more debt which destroys wealth.

[Kazimir]

In particular they use the classic zero-sum argument that says that for whoever makes $1 from bitcoin, someone else has lost $1.

In this case, the one who loses $1 is the bank. By not being able to make profit from controlling bitcoins like they do with dollars.