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A PC is tangible asset. A Bitcoin is a virtual currency.
Payment system, currency, or ponzi scheme?
Visa/MC control the majority of electronic transactions, and get to name their price, while having none of their own capital at risk in the process. “Progress” in that sphere is only tightening their grip and doing nothing for the consumer, as it is estimated that 1 in 168 CC transactions are fraudulent. With BC, it’s not an issue.
Bitcoin has no backing from the living God. No sale.
In a couple of years AJ Angel will be kicking himself in the butt for “GETTING IT WRONG”!
I love my Coinbase Bitcoin Wallet, especially now I have something in it.
I was with him till that statement. The Gold Standard never "blew up". It was simply ignored; thus were recessions created.
No "flexibility", i.e., printing more money, is needed to deal with crises. It's that very flexibility that creates the crises in the first place.
Has any freeper involved with bitcoins, found an accountant that can do your federal tax return addressing their bitcoins?
I ask because we can’t find one. Care to share by private freep-mail?
It’s not a trivial matter to create and maintain a currency. A successful attempt requires wide acceptance and a high stability of value. People will not willingly accept as a currency something that varies widely in value from one day to the next.
Sure, speculators will, but businesses and individuals generally will not. If one earns, via his labors, the equivalent of one mortgage payment per week, he’s not going to accept being paid in a currency that might suddenly only pay 2/3rds of a mortgage payment that week due to a drop in the value of the currency.
Gold and silver have served as currencies, but only in societies where no central bank has been established. Once a central bank establishes a currency successfully, that currency drives out gold and silver as transaction mediums simply because they are too volatile.
That said, very few governments are capable of running monetary operations so as to maintain a stable value of the currency over decades. And when some fail to do so, they fail spectacularly. The dollar is an accepted worldwide currency because it has generally maintained stability albeit with a persistent tendency toward inflation year after year. That inflation is consistent enough that people generally accept it, and just expect relatively small inflation adjustments to their salaries, and to their purchases, year after year.
Bitcoin has no hope of supplanting a government-issued currency, for it will always trade up and down with significant volatility, more even than gold and silver now do.
That said, I fear the current Federal Reserve Chairman has created a situation that could easily result in a spectacular failure of the dollar sometime in the next few years. However, he has operated well outside the normal boundaries of typical Fed operating procedures.
It is getting exhausting but every one of the professor’s assertion can be shot down. There just isn’t enough time. I think he’s from the Krugman school of economics. Weather Bitcoin the currency survives is of little consequence if a more useful crypto emerges. The underlying breakthrough encrypted, decentralized blockchian is not going anywhere!
We are big enough to handle our own security and transactions and in no need of a nanny.
The problem with the professor is just that,he’s a professor. Living in a protective bubble world of theory and young minds that he can bulldoze.
Marc Andreessen is a visionary innovator who has shaped the future and the likes of Professor Angel could not carry his pocket protector.
Bump