[Chugalug] A comment on the Bitcoin .. fraud

Randy Yates lpcustom at gmail.com
Mon Apr 15 16:30:09 UTC 2013

By the way, I'm not claiming to be an expert in economics. It's not a
science, despite the claims. I've seen too many economics experts arguing
with other economics experts with totally opposite views. A chemist can't
turn mercury into gold by talking about it. A nobel prize winning economics
expert, however, can change a lot about the economy by simply making an
appearance on TV or writing an internet article.

Need a for instance on that. The recent Bitcoin bubble is a direct result
of news articles and such about dun da da dun Bitcoin.

I also don't view bitcoins as a viable currency, and if I were an economics
expert, I'd make a few media appearances stating that. People would lose
faith in bitcoins....they'd stop mining and buying/selling them. The price
would plummet. Then I could go buy a bunch. Then I'd get one of
my colleges to go on TV saying that they are a great investment. The price
would rise back up, and I'd be so rich I'd never have to read another
economics book or even look at a number if I didn't want to.

On Mon, Apr 15, 2013 at 12:20 PM, Randy Yates <lpcustom at gmail.com> wrote:

> 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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