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What’s clear from all these comments is that economic theory is bankrupt and impotent at explaining or predicting anything. It’s quite odd constantly hearing wh
by dreamdu5t 9y ago
What’s clear from all these comments is that economic theory is bankrupt and impotent at explaining or predicting anything. It’s quite odd constantly hearing why bitcoin can’t work or whether it can be labeled a currency according to academic theory X, yet reality doesn’t care.
Bitcoin is amazing simply for showing us that monetary economists have no clothes. They’re astrologists that use math.
- matt4077 9y agoNobody is saying that bitcoin can't reach new heights every day. All it needs is enough idiots to buy. What they are saying is that it has exactly zero chances at becoming a serious rival to the US$ or other currencies as a medium of exchange. And that prediction still seems pretty accurate, considering there's just about exactly almost no transactional volume happening in bitcoin. It's also now more expensive than credit card fees for anything <$100, and it takes much longer than PayPal or Apple Pay or cache. It's also not really anonymous, but of course everyone always knew that. It's so risky to store your private keys on anything with ethernet the real pros print them and put them in bank safes. It's about as decentralised and bottom-up democratic as you can be when you're basically living at the mercy of the Chinese government, which, by the way, has shown that autocratic governments can shut it down with less effort than it took Obama to kill a fly.
- andr3w321 9y ago"What they are saying is that it has exactly zero chances at becoming a serious rival to the US$ or other currencies as a medium of exchange." There is definitely a non zero percent chance of this happening. How much % chance is debatable, but it's certainly >0.