[Chugalug] OT:Bitcoin taking hits in press

James Nylen jnylen at gmail.com
Mon Apr 15 15:30:41 UTC 2013


It's always worth considering what we give up for technological or economic
advances.  Centralization and corporatization can have great benefits, but
they also have huge costs to society.  I still can't decide whether we
would have been better off remaining hunter-gatherers until we were able to
figure out how to build societies with less inherent ability to create
suffering.


On Mon, Apr 15, 2013 at 11:19 AM, Stephen Kraus <ub3ratl4sf00 at gmail.com>wrote:

> Because the gold standard is a dead ideal. This is compounded by the fact
> that our economy is no longer solely linked to only our own financial
> standards, but the standards of every other country and their financial
> system as well.
>
> Gold really doesn't allow the flexibility for a world economy as fast
> paced and fluid as ours.
>
>
> On Mon, Apr 15, 2013 at 11:07 AM, Rod-Lists <rod-lists at epbfi.com> wrote:
>
>> 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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>> > >>
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