[Chugalug] A comment on the Bitcoin .. fraud

Randy Yates lpcustom at gmail.com
Mon Apr 15 16:20:08 UTC 2013


2140 is the estimated year of the last bitcoin I think. Also, bitcoins can
be divided into 8 decimal places. If there are 21,000,000 bitcoins...you
could also look at it like there are 2,100,000,000,000,000 units of
currency.


On Mon, Apr 15, 2013 at 12:13 PM, Dan Lyke <danlyke at flutterby.com> wrote:

> On Mon, Apr 15, 2013 at 7:10 AM, Stephen Kraus <ub3ratl4sf00 at gmail.com>
> wrote:
> > I criticize it because numerous economics professors criticize it.
>
> I don't think you need to look to outside sources for reasons to be
> skeptical of bitcoin, on the other hand there are tremendous profits
> to be made from bubbles if you can figure out when to get off.
>
> Objects have value because people collectively  believe they have
> value, but currencies also have the property where too much rarity
> means they're no longer usable as a currency. Collector's items aren't
> fungible, which means they don't work as currency: You have to find a
> buyer for that specific item.
>
> I believe the overall concept is flawed for a simple reason: Currency
> supply is capped at at 21 million bitcoins. Over time bitcoins will be
> lost, people will die and not leave codes to their wallets, hardware
> will fail, entropy occurs.
>
> Which means that the currency supply will, inevitably, shrink. This,
> to a point, encourages hoarding, until people lose faith in the
> currency and it collapses entirely.
>
> The question is: how far off is that time?
>
> So, yeah, you won't find me playing in that bubble, but if you wanna
> soak some suckers on the rise up, no skin off my nose... And who
> knows, that rise may last for years and years.
>
> Dan
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