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Author Topic: Bitcoin and Commercialism  (Read 809 times)
cbeast
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Let's talk governance, lipstick, and pigs.


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April 15, 2012, 05:59:14 PM
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It's hard to get excited about using Bitcoin to buy common goods and services. People talk about the austrian economics vs keynesian economics and whether one is better than the other. Here's the thing, they are two sides of the same coin and neither are exclusively used. What it comes down to is simply commercialism vs progressivism. We tend to practice the conservative view that creating goods and services with the highest profit margin based on the volume we can sell. This notion attracts both producers and marketers. The consumer usually ends up compromising with mediocrity.

Bitcoin is incapable of being manipulated to boost productivity with diminishing returns, nor can it be forcibly aggregated by any social or political entity. Bitcoin is simply a mathematically natural resource. If gold were highly liquid and fungible, it is likely that people would demand the quality of goods and services that reflect the same rarity of their hard earned gold. As the economy grows, so then would the value of gold, as it pretty much has. If Bitcoin can serve this purpose, I think it would be most useful in promoting high quality goods (not services) that maintain long term value while the Bitcoin traded also grows in value.

tl;dr It's better to buy alpaca socks than cotton socks with Bitcoin.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem


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April 15, 2012, 06:52:54 PM
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Bitcoin is simply a mathematically natural resource. If gold were highly liquid and fungible, it is likely that people would demand the quality of goods and services that reflect the same rarity of their hard earned gold. As the economy grows, so then would the value of gold, as it pretty much has. If Bitcoin can serve this purpose, I think it would be most useful in promoting high quality goods (not services) that maintain long term value while the Bitcoin traded also grows in value.


I think you hit the nail on the head with that statement.

When people say to me "Do you really think Bitcoin will replace the Dollar?" it is the wrong question. I believe Bitcoin can work along side modern fiat currency- as much as we hate them- for the better of the world, for many reasons. Erik said it nicely "Bitcoin is two things: it is a digital currency unit and it is the global payment network with which one sends and receives those currency units. Both the currency unit and the payment network share the same name: Bitcoin"

If we can harness and scale up that global payment network into a consumer friendly product backed by Bitcoin, I think thats where Bitcoin will succeed.

Many people wonder 'Why did Satoshi create Bitcoin?'
Maybe the answer lies in the question, whereas the point wasnt anything specific but created to be an eye opener showing the world 'Look, there exists a global payment alternative to trusting goverments, and if we trust each other then it can happen'

Goverments control the cash flow, but they cant control our Bitcoin!

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
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