Free Capitalist Network - Community Archive
Mises Community Archive
An online community for fans of Austrian economics and libertarianism, featuring forums, user blogs, and more.

Search

  • Re: What Bitcoin is

    Smiling Dave, your excuses are becoming and more ridiculous. Last time you denied that Bitcoin is a medium of exchange. Now when LRC started accepting donations, you found another excuse. Noone here is taking your "arguments" seriously anymore. Those that were halfway coherent were refuted. The rest are fables which are better suited for a
    Posted to General (Forum) by Peter Šurda on Fri, Dec 28 2012
  • Re: How To Use Bitcoin – The Most Important Creation In The History Of Man

    Users of Bitcoin cannot be forced to be safe. Bitcoin merely allows you to choose the security level yourself out of a wide range of options, some of which are extremely secure against theft (e.g. brainwallets). Also, you can now use Bitcoin to donate to LewRockwell.com: https://www.lewrockwell.com/donate/ And also I now have a blog: http://www.economicsofbitcoin
    Posted to General (Forum) by Peter Šurda on Fri, Dec 28 2012
  • Re: What Bitcoin is

    Clayton, I think you have a too narrow viewpoint. First of all, there is a wide variety of actors on the market with requirements for different forms of a medium of exchange. The requirements are heterogeneous. We can use the term "transaction costs" to refer to them in general, but empirically this manifests itself in many ways. So unless
    Posted to General (Forum) by Peter Šurda on Mon, Oct 15 2012
  • Re: What Bitcoin is

    Clayton, I accept your objection about Grandma not understanding security. But you forget liquidity. Since MintChip (and similar) do not present a significant improvement in transaction costs over Bitcoin, they would have to outcompete Bitcoin on liquidity. And that's not easy. There is an enormous logistical problem. Not only you have to make sure
    Posted to General (Forum) by Peter Šurda on Fri, Oct 12 2012
  • Re: What Bitcoin is

    Clayton, it looks like you're seeing things increasingly my way. I think you're more forthcoming now to Bitcoin than before. Ithaca Hours are not money in the narrower sense, as they have a fixed exchange rate, similarly as other community currencies. They are a wannabe money substitute. While there is little research about this, I think that
    Posted to General (Forum) by Peter Šurda on Fri, Oct 12 2012
  • Re: What Bitcoin is

    AJ, for quite some time I've been critical of using market capitalisation or the exchange rate as a meaningful variable for measuring the success of Bitcoin. I prefer liquidity. On a somewhat lighter note, my attempts to debate with Smiling Dave remind me of this scene (between 7:23 - 8:18): http://www.dailymotion.com/video/xsmjsn_dvd-clannad-07_shortfilms
    Posted to General (Forum) by Peter Šurda on Fri, Oct 12 2012
  • Re: What Bitcoin is

    Smiling Dave, Ithaca Hours are not money in the narrower sense, i.e. they are not what economists call outside money, specie or money proper. They are a wannabe money substitute. They are not subject to independent valuation (they are pegged to the dollar). There is, however, a more successful attempt: WIR. WIR is pegged to the Swiss Franc and has existed
    Posted to General (Forum) by Peter Šurda on Thu, Oct 11 2012
  • Re: What Bitcoin is

    [quote user="boniek"]In the days before Bitcoin system I could send money faster an cheaper almost anywhere in the world by using my credit card or checking account as compared to going there by foot and giving recipient money myself. Still credit cards and checking accounts did not become money. [/quote] Actually, a checking account is a
    Posted to General (Forum) by Peter Šurda on Wed, Oct 10 2012
  • Re: What Bitcoin is

    [quote user="excel"]No, I consider your point misguided, in that the transaction cost of the payment system is so miniscule compared to the other transaction costs normally associated with an exchange that they become near irrelevant in terms of economic calculation by individuals. At most, this would be a calculation question for suppliers
    Posted to General (Forum) by Peter Šurda on Wed, Oct 10 2012
  • Re: What Bitcoin is

    [quote user="excel"]Present, but again, negligible. That is, when you purchase a good, the transaction cost of your electronic payment is functionally irrelevant compared to the transaction cost of the good. (Especially when you use it to purchase goods over large distances.) When you purchase a hardcover book on amazon with bitcoins, do you
    Posted to General (Forum) by Peter Šurda on Wed, Oct 10 2012
Page 4 of 27 (269 items) « First ... < Previous 2 3 4 5 6 Next > ... Last » | More Search Options