How To Use Bitcoin – The Most Important Creation In The History Of Man

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People will soon gain a much larger interest in Bitcoins once the US's creditors cut off the supply of funny money.

Then we shall see just how little the Keynesians in here care about Bitcoins and US monetary policy.
 
michaelsuede said:
People will soon gain a much larger interest in Bitcoins once the US's creditors cut off the supply of funny money.

Then we shall see just how little the Keynesians in here care about Bitcoins and US monetary policy.
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How soon? A year, a few months?
 
michaelsuede said:
People will soon gain a much larger interest in Bitcoins once the US's creditors cut off the supply of funny money.

Then we shall see just how little the Keynesians in here care about Bitcoins and US monetary policy.
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Care to adress some of the many issues raised in this thread? Or do you prefer to simply pop up, shill Bitcoins and vanish again?
 
Chaos said:
Care to adress some of the many issues raised in this thread? Or do you prefer to simply pop up, shill Bitcoins and vanish again?
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I have addressed all the issues in this thread in a series of blog posts that cover the basic economics of the currency system.

They can all be found in this listing of posts.
 
It's fascinating to me how folks who rail against "fiat money" are so eager to embrace bitcoins, which have many of the same characteristics they find so loathsome about the former. (Not backed by anything with inherent value, issuers stand to profit, etc.) It's almost as if the only thing that matters to the "hard money" crowd is the ability to avoid paying taxes.
 
Dunstan said:
It's fascinating to me how folks who rail against "fiat money" are so eager to embrace bitcoins, which have many of the same characteristics they find so loathsome about the former. (Not backed by anything with inherent value, issuers stand to profit, etc.) It's almost as if the only thing that matters to the "hard money" crowd is the ability to avoid paying taxes.
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Bitcoins are not fiat money.

Fiat money means "by decree"

Bitcoins do not have value because of a government decree. They have value because of the inherent properties they possess that allow them to act as a trade intermediary and a store of wealth.

The value of Bitcoins comes entirely from free people voluntarily purchasing them in an open market. All Austrian economists advocate for free market money. They are not particular about which money the market chooses, as long as the market has free choice in money.

Historically when people have been free to chose, they chose gold.
 
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Belz... said:
And considering how hard you've been arguing this, I'd expect more than a simple shrug when you're proven wrong.
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You shouldn't be worried about me being proven wrong.

You should be worried about me being proven right.
 
Dunstan said:
It's fascinating to me how folks who rail against "fiat money" are so eager to embrace bitcoins, which have many of the same characteristics they find so loathsome about the former. (Not backed by anything with inherent value, issuers stand to profit, etc.) It's almost as if the only thing that matters to the "hard money" crowd is the ability to avoid paying taxes.
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The nerve ! How dare you make this tenuous, unsupported connexion !
 
michaelsuede said:
Bitcoins are not fiat money.

Fiat money means "by decree"

Bitcoins do not have value because of a government decree. They have value because of the inherent properties they possess that allow them to act as a trade intermediary and a store of wealth.
Click to expand...

The same is true for fiat money, really, except in the tautological sense that $1 US = $1 US. What value a fiat currency has is derived from the fact that people value it as a medium of exchange and store of wealth.
 
Belz... said:
I therefore expect you to quietly dissapear after 2012.
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Nah, he'll just rant and rave about how the evil Fed has pulled some more sneaky tricks to "prop up" the currency and postpone the "inevitable."

It's a cute little exercise in unfalsifiability. "As soon as everyone sees things my way, the economy will crash" is a nice safe statement because, thankfully, everyone will not see things his way.
 
michaelsuede said:
LOL

No.
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Oh, what a compelling argument. Be sure to post it on your site and blogwhore it up a few times.

The U.S. dollar, to take one example, has value at present. You can exchange it for goods and services. Even you would have to admit that (I put the "at present" in there just for you!).

That value does not derive solely from government fiat. People value the U.S. dollar not because the government says it has value (or at least, not solely because of it; it may be a necessary but not a sufficient condition). They value it because they can exchange it for stuff they want. Which they can do because other people know that they, in turn, can exchange it for stuff they want.

Let's put aside the tedious discussion of to what extent Americans are "obligated" to use or accept dollars, because I can make my point without it. There's certainly no argument that U.S. law obligates anyone in, say, Canada or the U.K. to accept U.S. dollars in return for goods or services, yet many Canadian merchants will do precisely that, and in both countries you can do so indirectly via currency exchanges.
 
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