tag:blogger.com,1999:blog-8078379512095504946.post2382384369363012584..comments2024-03-26T06:17:49.527-07:00Comments on Had Enough Therapy?: Wherefore Bitcoin?Stuart Schneidermanhttp://www.blogger.com/profile/12784043736879991769noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-8078379512095504946.post-21183743322151177542021-01-17T06:49:39.621-08:002021-01-17T06:49:39.621-08:00The theory of Bitcoin is that it is designed such ...The theory of Bitcoin is that it is designed such that valid bitstrings get harder and harder to produce, in a manner analogous to gold mining, thereby creating limited supply and avoiding 'currency' inflation. The problem with this idea is that *other* cryptocurrencies can be developed...Ethereum already exists...and there is no guarantee that people will regard Bitcoin as the 'real' one. Whereas gold does have the advantage of several thousand years precedent of acceptance almost everywhere.David Fosterhttps://www.blogger.com/profile/15464681514800720063noreply@blogger.comtag:blogger.com,1999:blog-8078379512095504946.post-28037706955534400932021-01-17T01:17:25.485-08:002021-01-17T01:17:25.485-08:00Popularity being the basis of value with no connec...Popularity being the basis of value with no connection to reality, it is hard to know anything. Bitcoin is up by a factor of 4 in the last year, so we should sell! But maybe it will go up by a factor of 4 again in the next year? Or if hold and maybe it'll go down by a factor of 4 in the next 2 weeks. I don't see the attraction, unless I was a miner somewhere with cheap electricity.<br /><br />Humans can be crazy animals, rats in cages with a cocaine lever. Or I think the scientists found rats chose the cocaine if they lived in a sterile environment, but preferred to frolic together in a fun environment. So if we must predict, maybe bitcoin drops when the pandemic ends and everyone gets off their online virtual dopamine factories? Sell by March 1 I say, if you must hold at all.<br /><br />Ares Olympushttps://www.blogger.com/profile/09726811306826601686noreply@blogger.comtag:blogger.com,1999:blog-8078379512095504946.post-52231344944553305232021-01-16T11:49:57.925-08:002021-01-16T11:49:57.925-08:00I believe "money" is whatever people agr...I believe "money" is whatever people agree on and which can be used in trade or financial transactions...<br /><br />The Island of Stone Money<br /><br />https://www.npr.org/sections/money/2011/02/15/131934618/the-island-of-stone-moneyjmod46https://www.blogger.com/profile/02727446883638344885noreply@blogger.comtag:blogger.com,1999:blog-8078379512095504946.post-78174653581087824752021-01-16T11:44:04.479-08:002021-01-16T11:44:04.479-08:00Of course, that is the issue. Some people believe ...Of course, that is the issue. Some people believe that the only real money is gold-- which has always maintained some value. The rest is considered to be money by fiat, because a government has said it was money and because people accept it as money. Stuart Schneidermanhttps://www.blogger.com/profile/12784043736879991769noreply@blogger.comtag:blogger.com,1999:blog-8078379512095504946.post-67140988426589796322021-01-16T11:43:52.257-08:002021-01-16T11:43:52.257-08:00Bitcoin is funny money? Who woulda thunk it?
The...Bitcoin is funny money? Who woulda thunk it?<br /><br />The Island of Stone Money: I trust NPR as far as I could throw any of that stone money from where I am, which is nowhere near that stone money. That's just me. Your mileage may vary.Sam L.https://www.blogger.com/profile/00996809377798862214noreply@blogger.comtag:blogger.com,1999:blog-8078379512095504946.post-63928120572633075932021-01-16T11:31:23.468-08:002021-01-16T11:31:23.468-08:00I believe "money" is whatever people agr...I believe "money" is whatever people agree on and which can be used in trade or financial transactions...<br /><br />The Island of Stone Money<br /><br />https://www.npr.org/sections/money/2011/02/15/131934618/the-island-of-stone-moneyjmod46https://www.blogger.com/profile/02727446883638344885noreply@blogger.comtag:blogger.com,1999:blog-8078379512095504946.post-32318520726249099352021-01-16T08:53:07.418-08:002021-01-16T08:53:07.418-08:00It is legal for Argentinians to possess pesos now,...It is legal for Argentinians to possess pesos now, but was not always so in the past. Timothy Dentonnoreply@blogger.comtag:blogger.com,1999:blog-8078379512095504946.post-7919789857557072082021-01-16T08:15:22.467-08:002021-01-16T08:15:22.467-08:00As it happens, most Argentinians who have money ke...As it happens, most Argentinians who have money keep it in dollars, not in pesos.Stuart Schneidermanhttps://www.blogger.com/profile/12784043736879991769noreply@blogger.comtag:blogger.com,1999:blog-8078379512095504946.post-20582349335891542192021-01-16T07:31:59.416-08:002021-01-16T07:31:59.416-08:00People who have dollars in their wallets, as oppos...People who have dollars in their wallets, as opposed to say, Argentine pesos, have an almost insurmountable hurdle in understanding what the utility of Bitcoin might be. Timothy Dentonnoreply@blogger.com