[Chugalug] OT:Bitcoin taking hits in press

Rod-Lists rod-lists at epbfi.com
Mon Apr 15 15:07:42 UTC 2013


Bitcoin replicates most of the same issues with the gold which was also resource intensive, inelastic, and lacked granularity.
 Most economists,including conservatives ones, reject the notion of going back to the gold standard.

----- James Nylen <jnylen at gmail.com> wrote:
> The problem with that argument is that we currently have no way to ensure
> the desirable properties of bitcoin without making it very difficult to
> create more bitcoins.  It is decentralized, cryptographically sound (as far
> as I know), reasonably secure and stable, and impossible to counterfeit.  I
> think it is an interesting experiment that has people worried about the
> possible impact on existing financial systems.
> 
> 
> On Sun, Apr 14, 2013 at 10:19 PM, Stephen Kraus <ub3ratl4sf00 at gmail.com>wrote:
> 
> > Paul Krugman, Nobel Laureate in Economics thinks otherwise.
> >
> >
> > http://www.huffingtonpost.com/2013/04/13/paul-krugman-bitcoins_n_3076574.html
> >
> >
> >
> >
> > On Sun, Apr 14, 2013 at 10:04 PM, William Wade <willm.wade at gmail.com>wrote:
> >
> >> I wonder how much power and environmental resources it takes to do money
> >> the old fashioned way. The power it takes to create a bitcoin is part of
> >> what gives it value and stability.
> >>
> >> I think Adam Smith would be intrigued by bitcoin, but like everyone else
> >> will not really know what to make of it until more time passes.
> >>
> >>
> >> On Sun, Apr 14, 2013 at 9:31 PM, Rod-Lists <rod-lists at epbfi.com> wrote:
> >>
> >>> From Slashdot
> >>> Is Bitcoin Mining a Real-World Environmental Problem?
> >>> "Mark Gimein points out that Bitcoing mining uses a lot of power, enough
> >>> that it is a real world problem: 'About 982 megawatt hours a day, to be
> >>> exact. That’s enough to power roughly 31,000 US homes, or about half a
> >>> Large Hadron Collider."
> >>>
> >>> http://news.slashdot.org/story/13/04/14/2234251/is-bitcoin-mining-a-real-world-environmental-problem
> >>>
> >>> Krugman argues "Adam Smith Hates Bitcoin"
> >>> http://krugman.blogs.nytimes.com/2013/04/12/adam-smith-hates-bitcoin/
> >>>
> >>> Krugman and others have argued that Bitcoin is experiencing deflation in
> >>> relation to other currencies.
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