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"Bitcoin advocates believe they are furthering the cause of libertarianism, but objective-value libertarians see Bitcoin as a threat to the very notion of libertarianism in which gold must be the medium of exchange." That makes sense, and I have no doubt you're correct that some are thinking in these terms. But I don't know how much
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Thanks TA, you make some interesting rejoinders that I found compelling. As for the gold standard being an ideology , that's interesting but somehow I don't think Smiling Dave is motivated by goldbug fever. It doesn't seem like it anyway. I think the ideology is much deeper and subtle, approaching to the level of psychology instead of ideology
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Excellent post, Adam. I referenced you here.
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One of the key misunderstandings of poeple reading the regression theorem is they focus on the word 'commodity' and then knock bitcoin as having no commodity value. Money needs to be a commodity only because each unit needs to to be identical to the next one so that they're equal units, and they have to be broadly available so that they're
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Scrooge McDuck & inflation
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[quote user="Al_Gore the Idiot"] One question I have and it may have been answered before. If something hasn't proven itself to be a "store of value", then does that disqualify it from being money?[/quote] Not really. It's a question of relative terms. Something losing value rapidly is a bad money compared to something losing
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How about photos of people actually buying product at a retailer, using bitcoin ? How will Smiling Dave spin this? Or will he finally begin to frown? "After years of being relegated to a seedy online market, Bitcoin is creeping into the mainstream — including a Midtown lounge that began accepting the digital currency as a method of payment
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[quote user="Adam Knott"] "Granted the conclusion follows from the assumption...." Assumptions: 1. Merchant will accept either bitcoins or dollars at their current exchange value. 2. Buyer believes the future exchange value of dollars will be lower and the future exchange value of bitcoins will be higher. Then in trade, the buyer
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[quote user="Caley McKibbin"] What would you do if you spent a lot of money of something that will only give ROI if you proselytize it? It's all very predictable. Just check back every year or so with a bag of popcorn. [/quote] Are you suggesting that bitcoin doesn't offer the lowest transaction costs for online and distance exchanges