[Chugalug] Bitcoin = scam

Stephen Kraus ub3ratl4sf00 at gmail.com
Wed Aug 7 14:35:51 UTC 2013


http://rationalwiki.org/wiki/Ludwig_von_Mises_Institute

All I have to say about anything Mises and Lew Rockwell related.
On Aug 7, 2013 9:32 AM, "Tyler Mittan" <flashbatmanquestion at gmail.com>
wrote:

> http://mises.org/daily/6401/
> http://www.freebanking.org/2013/04/22/bitcoin/
>
> 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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