[Chugalug] Bitcoin = scam

Tyler Mittan flashbatmanquestion at gmail.com
Wed Aug 7 14:31:33 UTC 2013


Here are two specifically about bitcoin. The law of supply and demand
dictates the worth of just about anything we consider valuable. Money is no
different. It doesn't matter if it is bitcoin or the dollar. That's why
there is such thing as inflation because it causes an influx in money being
spent which then creates higher prices because more money being spent
creates the incentive to raise prices. This also explains why we might not
be experiencing the inflation many economists expected us to because while
the new credit expansion is definitely there, banks are holding onto it
because of uncertainty. So I was not directly saying that bitcoin's worth
is dictated by the law of supply and demand, I am saying that all money is.
Bitcoin included. I agree that many people don't accept it, but I think
they would in the absence of a monopoly on currency via the government.
On Aug 7, 2013 10:21 AM, "Stephen Kraus" <ub3ratl4sf00 at gmail.com> wrote:

> Post your links.
> Also, before quoting 'law of supply and demand' which is one of the most
> often misquoted economic terms, please provide me with a list of banks that
> accept bitcoins as a trade medium, and major retailers that accept them.
> Also, let me be clear in my intentions with this: it is not to call anyone
> out or plaster anyone as a fool, but merely to play devils advocate and
> provide skepticism
> On Aug 7, 2013 9:16 AM, "Tyler Mittan" <flashbatmanquestion at gmail.com>
> wrote:
>> Don't treat it like it's something that's away from the law of supply and
>> demand. Nothing has its value “set" unless there is some kind of price
>> control. The value is set by the law of supply and demand.
>> If there truly is finite amount of bitcoins that are being created than
>> the worth of a bitcoin will not be able to one day be worthless unless
>> everybody decides to stop taking bitcoins. Right now it is almost a
>> currency, but it won't be such as long as the us government decides it
>> doesn't want a competing currency.
>> There are some good economists that talk about bitcoins and it might be
>> worth reading what they have to say before knocking it.
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