zeroday (OP)
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Activity: 784
Merit: 1000
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November 26, 2013, 04:48:43 PM |
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http://www.perthnow.com.au/news/opinion/why-the-bitcoin-bubble-will-burst/story-fnhocuug-1226767812837 Jessica Irvine National Economics Editor PerthNow November 26, 2013 3:14AM The floating Aussie dollar turns 30 next month, but a new digital currency "bitcoin" is taking the world by storm.
So should you run out an buy bitcoins?
Short answer: no.
Remember, currencies are only worth what people will pay for them. And that depends on trust and scarcity.
First, scarcity. While the number of bitcoins is supposed to stop at 21 million, whose to say that will happen? The whole point is that it is user generated and not policed by a middle man.
Which brings me to trust. All transactions must be based on trust, and it's hard to see how anonymous users making promises to each other can be trusted in the long term There is a genuine revolution underway in internet transactions. But bitcoin is a distraction. It's a classic bubble.
Trust me.
Epic Fail 
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In order to get the maximum amount of activity points possible, you just need to post once per day on average. Skipping days is OK as long as you maintain the average.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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barbierir
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November 26, 2013, 04:52:36 PM |
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http://www.perthnow.com.au/news/opinion/why-the-bitcoin-bubble-will-burst/story-fnhocuug-1226767812837 Jessica Irvine National Economics Editor PerthNow November 26, 2013 3:14AM The floating Aussie dollar turns 30 next month, but a new digital currency "bitcoin" is taking the world by storm.
So should you run out an buy bitcoins?
Short answer: no.
Remember, currencies are only worth what people will pay for them. And that depends on trust and scarcity.
First, scarcity. While the number of bitcoins is supposed to stop at 21 million, whose to say that will happen? The whole point is that it is user generated and not policed by a middle man.
Which brings me to trust. All transactions must be based on trust, and it's hard to see how anonymous users making promises to each other can be trusted in the long term There is a genuine revolution underway in internet transactions. But bitcoin is a distraction. It's a classic bubble.
Trust me.
Epic Fail LoL, she didn't make her homework before writing |
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uhoh
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November 26, 2013, 05:36:55 PM |
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Lol, she seems to have not only completely missed the point, but missed the most important aspect of the whole system.
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RodeoX
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Activity: 3066
Merit: 1145
The revolution will be monetized!
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November 26, 2013, 05:41:51 PM |
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They just don't get it do they.  They have seen bitcoin produce many bubbles and many pops. Yet they keep thinking there is a bubble pop to zero. They are treating bitcoin like a stock. Money paid for public stock is money that is needed to keep a company afloat. Bitcoin is a software program that does not have a minimum needed valuation. In fact bitcoin doesn't care what the price is. |
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Gabi
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Activity: 1148
Merit: 1008
If you want to walk on water, get out of the boat
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November 26, 2013, 05:46:05 PM |
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Ahahah what a fail and useless article. Today's journalism  |
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blacksails
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November 26, 2013, 08:42:49 PM |
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Don't be so harsh guys, she's just angry she missed the train.
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bitbouillion
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November 26, 2013, 08:45:28 PM |
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"I god we trust"  |
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Buffer Overflow
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Activity: 1652
Merit: 1015
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November 26, 2013, 11:53:50 PM |
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First, scarcity. While the number of bitcoins is supposed to stop at 21 million, whose to say that will happen? The whole point is that it is user generated and not policed by a middle man. Wow, just wow. *facepalm* |
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JackH
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November 27, 2013, 12:53:16 AM |
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Guys, give them some slack. This is so far off from what they were taught that it blows their mind so much they NEED to lie or misunderstand it. Bitcoin is so disturbing right now that nobody in the payment industry knows what to do about it. They just DONT GET IT, and they dont get the world they protect can be over in a short as 1 year.
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<helo> funny that this proposal grows the maximum block size to 8GB, and is seen as a compromise
<helo> oh, you don't like a 20x increase? well how about 8192x increase?
<JackH> lmao
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creekbore
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Activity: 210
Merit: 100
Lazy, cynical and insolent since 1968
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November 27, 2013, 01:24:12 AM |
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Geez, that is so off the mark it makes me embarrassed to be an Aussie  |
"Markets always move in the direction to hurt the most investors." AnonyMint
"Market depth is meaningless" AdamstgBit
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proudhon
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Activity: 2198
Merit: 1311
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November 27, 2013, 01:57:04 AM |
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Seriously guys, a lot of the problem with the way bitcoin is treated in the media stems from the fact that most reporters have not taken the time to understand the decades old computer science problem bitcoin attempts to offer a practical solution to. That doesn't mean if you understand that, then you'll think bitcoin will succeed, but it should at least keep you from saying things that everyone who does understand the problem immediately recognizes as a failure to understand the system.
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Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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freedomno1
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Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
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November 27, 2013, 04:36:03 AM |
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One more poor economist  |
Believing in Bitcoins and it's ability to change the world
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Pente
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November 27, 2013, 07:23:05 AM |
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Just two questions: 1) What is the cap on the quantity of Aussie dollars? 2) Who has the power and desire to prevent any more from being created? |
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zoinky
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November 27, 2013, 07:33:44 AM |
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Still articles like this in 2013? |
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zeroday (OP)
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Activity: 784
Merit: 1000
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November 27, 2013, 12:51:25 PM |
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One more poor economist And the whole world's economy is built and maintained by this kind of "economists". Trust me. |
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LiteCoinGuy
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Activity: 1148
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In Satoshi I Trust
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November 27, 2013, 07:17:23 PM |
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maybe it bursts to 400 or 500 dollars, but thats still a high price and bitcoin isnt doomed then. its the normal behaviour of bitcoin |
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freedomno1
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Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
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November 27, 2013, 07:41:16 PM
Last edit: November 27, 2013, 10:01:45 PM by freedomno1 |
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One more poor economist And the whole world's economy is built and maintained by this kind of "economists". Trust me. Well its the fault of the system We are still using 1980s Neoclassical economics and Keynesian economics which say that infinite money supply is good But then again I align with the Austrian school of Thought and some of their economists lol |
Believing in Bitcoins and it's ability to change the world
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