"Don't buy bitcoins"

[grondilu]

Haven't watched the whole video yet but I predict discussing it is going to be fun.

http://www.youtube.com/watch?v=DoK8HXMSsNg

Edit.  Ok, watched it all.  My quick answer:

Bitcoin is a decentralised accounting tool.  It is pretty much as useless as a pen and a piece of paper are.  Which means it is not.  A pen and a paper is useless only for someone who can't write.  Or for someone who can write, but in a world where nobody else can.

[marcus_of_augustus]

This is is some kind of reverse psychology trick isn't it .... I'm gonna go and buy some more btc right now!

[mizerydearia]

http://weusecarrots.com/

[kiba]

It is likely that individual in the video is affiliated with federal reserve company or any other party supportive of us dollar and continued enslavement of society

Or he's just brainwashed/didn't know better/have bad misconception of economics.

[grondilu]

It is likely that individual in the video is affiliated with federal reserve company or any other party supportive of us dollar and continued enslavement of society

My guess is that he is just an economics student.

I also suspect he doesn't know anything about austrian economists.

[granrojo]

I got far enough to find out that bitcoin is not a vegetable and therefore cannot possibly be a currency.

So I'm selling all my bitcoins and buying carrots, hopefully they'll still be worth something in a few years, I'll keep them in the fridge so should be ok!

Couldn't be bothered to watch the rest, but I'm sure it's brilliant.

[JohnDoe]

My guess is that he is just an economics student.

My guess too. Funny how economists seem to be the ones who know least about economics.

[grondilu]

So I'm selling all my bitcoins and buying carrots, hopefully they'll still be worth something in a few years, I'll keep them in the fridge so should be ok!

 

I told you this thread could be fun!

[Scarecrow]

Experts in economics have got the world economy into the mess its in today. "All I am saying, is give geeks a chance."

[mizerydearia]

[kiba]

My guess too. Funny how economists seem to be the ones who know least about economics.

Macroeconomic is junk and microeconomic is sound. The problem is, they use macroeconomic to study macroeconomic, instead of microeconomics.

[mizerydearia]

[fsargent]

Speaking as someone who's got a bachelors in economics (which isn't very much admittedly):
This guy has no idea what he's talking about. He's absolutely terrible. Not only is he a bad speaker, his criticisms are totally baseless.
Bitcoin has flaws. The flaws he cites aren't them.

[JohnDoe]

Speaking as someone who's got a bachelors in economics...

lol, my claim is proven. How can someone get a degree in economics and not know anything about time preference?

[grondilu]

improving miserydaeria's picture:



I know this is not cool, but it's so fun 

[PHPAdam]

His argument is that Bitcoins can only be bought for £1 and sold on for £2 who sells it on for £3. Thats a limited view we are seeing more and more services/goods that can be traded for Bitcoins making his initial argument void.

The second point he raises is that USD/GBP/EUR is legal tender - As far as I am aware Bitcoin is not illegal tender. The argument also falls is that currency don't tend to have a long lifespan and die or are replaced. I remember having to trade in my old £20 notes after them becoming void and grandparents talking about Old money such as shilling, half a crown or a guinea.

P.S. Mocking sceptics does not win the argument. Even if he says he sells tickets to read peoples future.

[goatpig]

I don't understand the need people have to just hate on new things...

[BitterTea]

I haven't watched the video yet, but is that an upside-down Voluntaryist logo I see?

[grondilu]

A more serious argument I could make about his "legal tender" point.

Law is not something that people are supposed to withstand.  It's not some superior force that people must blindlessly obey.  Law is something that is supposed to be decided by society.

The dollar existed before it was recognised by law.  I think it derives from a silver coin called Thaler.  Its usage became so popular that eventually law makers decided to make it the official money.

There is no reason why bitcoin could not have the same destiny.  As more and more people use it as they realise it is a more efficient intermediate for exchange, at some point they will have law makers turn it into an "official" money.  I don't say it is something I hope for (I don't).  I say it is possible, and if it was to happen, then bitcoin would essentially replace the dollar.

[PHPAdam]

is that an upside-down Voluntaryist logo I see?

Yes the guys profile says he owns http://www.vforvoluntary.com/

I wont pretend to understand his view, but it sounds like he supports gold as a currency not others:

The colors of the symbol are yellow (or gold) and black. Yellow is a reference to gold, which was the market chosen money. So it’s a reference to free market money, and by extension the free market and capitalism. Black is a reference to anarchy. Anarchy, or an-archy, means no rulers.