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Bitcoin -- Boom or Bubble?
Real Clear Politics ^
| 20 January, 2014
| Robert Samuelson
Posted on 01/20/2014 8:17:37 AM PST by Errant
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1
posted on
01/20/2014 8:17:37 AM PST
by
Errant
To: Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; DTA; ...
Click to be Added / Removed.
2
posted on
01/20/2014 8:19:21 AM PST
by
Errant
(Surround yourself with intelligent and industrious people who help and support each other.)
To: Errant
Bitcoin - another “carbon credits” scheme, similar in many ways to AlGore’s patented scam and sale of non-existent value.
What is the source of “bitcoins” and how is the accounting kept? It is just another kind of “fiat currency” that has not yet been widely accepted, NOTHING backs it.
How much is a bitcoin worth in zlotys or lire?
3
posted on
01/20/2014 8:26:44 AM PST
by
alloysteel
(Obamacare - Death and Taxes now available online. One-stop shopping at its best!)
To: alloysteel
Captain Obvious says: “It’s totally dependent on what people will continue to pay for it.”
Peer to peer transaction history and protection
Hmmm sounds kinda disruptive.
4
posted on
01/20/2014 8:31:11 AM PST
by
shineon
(.)
To: Errant
If I were disposed to do so, the only thing I would use them for is to purchase illegal drugs on the internet without fear of being tracked.
5
posted on
01/20/2014 8:33:38 AM PST
by
Gaffer
To: alloysteel
How much is a bitcoin worth in zlotys or lire? Not sure, but the last price on the Mt. Gox exchange shows $954.00 US dollars each!
6
posted on
01/20/2014 8:34:27 AM PST
by
Errant
(Surround yourself with intelligent and industrious people who help and support each other.)
To: Gaffer
only thing I would use them for is to purchase illegal drugs... Says you...
After buying a watch with a part of a Bitcoin, I'm looking at replacing my fillet knife on Overstock right now.
7
posted on
01/20/2014 8:38:14 AM PST
by
Errant
(Surround yourself with intelligent and industrious people who help and support each other.)
To: Errant
8
posted on
01/20/2014 8:42:37 AM PST
by
Georgia Girl 2
(The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
To: Georgia Girl 2
:)
9
posted on
01/20/2014 8:47:07 AM PST
by
Errant
(Surround yourself with intelligent and industrious people who help and support each other.)
To: shineon
Very. Revolutionary vs. evolutionary. The blowhard naysayers should pause and educate themselves before spouting off here on FR; but that’s just what some uninformed people tend to do here.
10
posted on
01/20/2014 8:49:10 AM PST
by
pingman
(In the Land of the Perpetually Outraged, truth is the enemy.)
To: Errant
Bitcoin causes some vigorous discussions.
And thanks for your links.
I understand the criticism of bitcoin as ‘fiat’, but the criticism seems to equally apply to the dollar, backed by nothing, infinite quantity, possible market manipulation by secret forces.
At this point in time, it may be advisable for those with savings, to consider a dip in the bitcoin pool..not betting the farm, but enough to buy a bus ticket back home and a can of beans. If bitcoin goes bust, it would be like leaving a months 1965 wages in bank savings at 3% interest minus taxes minus inflation. If dollars savings are confiscated or the currency is changed, most people would lose everything...see Greece, Cyprus as comparisons. The screwing would be different but comparable.
TWB
11
posted on
01/20/2014 8:58:01 AM PST
by
TWhiteBear
(Sarah Palin, the Flame of the North)
To: Errant
What ever else it is or isn’t it sure isn’t a Ponzi scheme.
12
posted on
01/20/2014 9:02:23 AM PST
by
DManA
To: TWhiteBear
At this point in time, it may be advisable for those with savings, to consider a dip in the bitcoin pool..not betting the farm... Thanks, it's kind of how I see it too. In today's world and knowing what's coming, I'm not sure one could diversify too much. Owning even a few fractions of a Bitcoin might get you through a checkpoint to a tank of gas and someplace safe.
13
posted on
01/20/2014 9:07:28 AM PST
by
Errant
(Surround yourself with intelligent and industrious people who help and support each other.)
To: Gaffer
“If I were disposed to do so, the only thing I would use them for is to purchase illegal drugs on the internet without fear of being tracked.”
*******************************************************************
I suspect that there are a number of legitimate businesses that will sell you their product at a discount if you pay in bitcoin. You’d be surprised at how many.
To: House Atreides
15
posted on
01/20/2014 9:11:52 AM PST
by
Gaffer
To: DManA
It could blowup tomorrow, but for sure I agree with your statement that it isn't a Ponzi scheme.
Not so sure now about FRNs though after seeing this video by Mike Maloney:
The Biggest Scam In The History Of Mankind
16
posted on
01/20/2014 9:13:10 AM PST
by
Errant
(Surround yourself with intelligent and industrious people who help and support each other.)
To: Gaffer
Hiding income?
***********************
It’s possible (or even likely) that some are. A transaction using Bitcoin is analogous to a telephone conversation using “burner” cell phones at both ends.
To: alloysteel
People have tried to educate me, but I just can't get my arms around the concept. Nobody can explain what is the "ore" that's being mined for bitcoins.
You mention carbon credits. In my mind, it seems a bit more like Enron.
18
posted on
01/20/2014 9:14:34 AM PST
by
grania
To: grania
Think of BC as a commodity backed currency: time and computational power.
19
posted on
01/20/2014 9:19:23 AM PST
by
pingman
(In the Land of the Perpetually Outraged, truth is the enemy.)
To: Errant
This is true. Everyone thinks the Fed is the source of all monitary evil. Actually it’s the congress with their $trillion deficits that are dooming the economy.
20
posted on
01/20/2014 9:19:36 AM PST
by
DManA
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