Economics Questions

Re: New Smiling D. article: Four Valuable Lessons From Actually Reading the Regression Theorem.

HabbaBabba — Fri, 19 Apr 2013 06:19:32 GMT

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Re: New Smiling D. article: Four Valuable Lessons From Actually Reading the Regression Theorem.

Graham Wright — Fri, 19 Apr 2013 02:57:13 GMT

shackleford:
Can you purchase any products with Bitcoins?

You can buy all kinds of things with them. Check out Bitmit and Bitcoinstore, the Ebay and Amazon of the bitcoin economy, and this article: Where to Spend Your Bitcoins. There are directories full of places offering goods/services for bitcoins (e.g. here, here and here). And then there is The Silk Road, a bitcoin-only drug marketplace with sales equivalent to $1.7m a month across 600 sellers.

Re: New Smiling D. article: Four Valuable Lessons From Actually Reading the Regression Theorem.

shackleford — Tue, 16 Apr 2013 05:15:22 GMT

Smiling Dave:

Did you even read the article? The last paragraph?

I did not. Do you answer the question on whether vendors accept Bitcoin as payment?

Re: New Smiling D. article: Four Valuable Lessons From Actually Reading the Regression Theorem.

Smiling Dave — Tue, 16 Apr 2013 04:04:48 GMT

Did you even read the article? The last paragraph?

Re: New Smiling D. article: Four Valuable Lessons From Actually Reading the Regression Theorem.

shackleford — Tue, 16 Apr 2013 03:54:49 GMT

Can you purchase any products with Bitcoins?

Four Valuable Lessons From Actually Reading the Regression Theorem.

Smiling Dave — Tue, 16 Apr 2013 03:52:53 GMT

And now, what everyone has been waiting for. There follows a link to a humble article called Four Valuable Lessons From Actually Reading the Regression Theorem.

The four lessons, proven beyond doubt from Mises own words, are:

1. Every money needs a yesterday, meaning “[it must be] linked with a preexisting market exchange ratio between money and other economic goods”. Bitcoins have no yesterday, so they have no today or tomorrow either.

2. Cost of production is not a valid yesterday.

3. “Intrinsic value” is a meaningful and appropriate phrase, in the proper context, even given that all value is subjective.

4. Fiat money has a yesterday, and thus does not violate the regression theorem.

But Dave, where is the humble link to your humble article? Right here:

https://smilingdavesblog.wordpress.com/2013/04/16/four-valuable-lessons-from-actually-reading-the-regression-theorem/