[Chugalug] Bitcoin = scam

Ed King chevyiinova at bellsouth.net
Wed Aug 7 14:41:51 UTC 2013

lets put this to rest...   the only true measure of bitcoin value is whether or not a prostitute would accept them as payment. 

 From: Tyler Mittan <flashbatmanquestion at gmail.com>
To: Chattanooga Unix Gnu Android Linux Users Group <chugalug at chugalug.org> 
Sent: Wednesday, August 7, 2013 10:31 AM
Subject: Re: [Chugalug] Bitcoin = scam

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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>>Chugalug at chugalug.org
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