Amincd

7 ms·

1.
by Amincd 15y ago
The quantity of money does not affect its flow. It's not like exchange particles, where lower densities leads to lower transfer of force. Any quantity of money, as long as it is divisible, can attain a sufficient value to be useful as a sto
2.
by Amincd 15y ago
People trading goods and services cannot be a sham. Your definition of a sham is "something I believe will depreciate".
3.
by Amincd 15y ago
"The prospect that it's not a currency is what makes it attractive to hoarders. Hoarders/investors don't want Bitcoin to be a viable currency; they want it to be an investment commodity. " Bitcoin will not be a good investment unless it's a
4.
by Amincd 15y ago
But this contradicts itself. If it makes it a lousy currency, then people wouldn't expect its value to rise, and hence would have an incentive to spend it, hence it would be a good currency and its value would rise.
5.
by Amincd 15y ago
People are not all going to hold on to it and not spend. Some people are going to feel that due to hoarding, it won't become a currency, and hence it's not a good investment, and will be more likely to spend.
6.
by Amincd 15y ago
"Think of the psychological effect of having to CONSTANTLY lower your prices on your goods. At some point, you'll hang yourself. You want to charge more, not less. It is absolutely depressing and has a real effect." This is not a big deal a
7.
by Amincd 15y ago
This is not a case of bitcoin being run by any one, this is an independent party running a service dealing with bitcoins, and their service failing. Your comment is like asking the dollar to be dragged behind the shed and put down because o
8.
by Amincd 15y ago
It's funny that the US is spending so many billions of dollars trying to sabotage Iran's economy and nuclear plant, when the country poses zero threat to the US, and the US faces enormous fiscal challenges. When I write funny, I mean utterl
9.
by Amincd 15y ago
A depression doesn't mean a sudden drop in market prices. It means persistent GDP contraction, which has nothing to do with the value of a currency. The drop is also not the first bitcoin has had. It's been highly volatile since the beginni
10.
by Amincd 15y ago
That's a good point, but if he studied the protocol, he should still know when bitcoins stop being generated and how divisible they are. ---You could tie an upgrade of the protocol to a consensus by a majority (or perhaps supermajority, if
11.
by Amincd 15y ago
He's studying the protocol yet doesn't know when generation ends or that each coin can be divided down to the eight decimal place. It doesn't give me confidence he has done a thorough job. The author also writes: -- Due to the cryptographi
12.
by Amincd 15y ago
These parts suggest the author doesn't understand it that well: -- I can't speak to the economic implications of limiting # of bitcoins to only 21 million -- it's probably based on the fixed rate of coin generation and the desire to have it
13.
by Amincd 15y ago
" As someone else pointed out, in a pure capitalism, we'd have slaves, child porn, thugs for hire, assassination contracts, etc." No you wouldn't. All of those things are the exact opposite of capitalism, since they prevent voluntary associ
14.
by Amincd 15y ago
Capitalism means non-government intervention in your voluntary agreements and interactions with others. In other words, it's freedom.