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These posts are entirely the result of authors who didn't buy bitcoins when they were cheap. They want it to fail, and try to find any flaws in it that they can

These posts are entirely the result of authors who didn't buy bitcoins when they were cheap. They want it to fail, and try to find any flaws in it that they can, because if it succeeds then they'll really feel like shit because they missed out. There is extreme bias in the news community (on both sides) because of their investment (or lack thereof)... And possibly a certain amount of attempted market manipulation as well. In other words, almost everyone writing about bitcoins is full of shit. Take everything you read, on all sides of the issue with a grain of salt.

hackerboos 13y ago
There's only been one rational post on Bitcoin in the last fortnight: http://blog.samaltman.com/thoughts-on-bitcoin http://blog.samaltman.com/thoughts-on-bitcoin
- bitcoin-truth 13y ago
  ... on HN
voyou 13y ago
"These posts are entirely the result of authors who didn't buy bitcoins when they were cheap." That's nonsense. The post is a result of applying a particular economic theory of how money works to something that is apparently trying to be a form of money. This theory of money might be wrong in general, or it might for some reason not apply to bitcoin specifically. But to dismiss it simply as "bias" is willed stupidity - it is a way of avoiding addressing the actual arguments put forward in the post. (The specific theory being drawn on in that post is called Modern Monetary Theory; it isn't generally accepted by mainstream economists: https://en.wikipedia.org/wiki/Modern_Monetary_Theory https://en.wikipedia.org/wiki/Modern_Monetary_Theory )
- maaku 13y ago
  Furthermore, theories in economics are descriptive. One should not expect with certainty an innovative currency to succeed or fail based on how well it matches a particular theory. When we are in new territory, we should expect a few surprises.
  - bitcoin-truth 13y ago
    Scientific theories are falsifiable: they make testable predictions. Austrian Economic theory comes closest to this ideal.
    - maaku 13y ago
      And now you've discovered why economics is a social science. It builds models of human behavior. Humans are non-deterministic at this scale. As soon as you build an economic model, it's possible it stops working because its existence influences the behavior of the humans its modeling.
- grinnbearit 13y ago
  The best model I've found that explains Bitcoin is Moldbug's Monetary theory. If you had to read just one article I'd recommend http://unqualified-reservations.blogspot.in/2011/04/on-monetary-restandardization.html http://unqualified-reservations.blogspot.in/2011/04/on-monet... But if you have the time you could read all his articles on economics conveniently collected at moldbuggery.blogspot.com (under economics)
VexXtreme 13y ago
> These posts are entirely the result of authors who didn't buy bitcoins when they were cheap. They want it to fail, and try to find any flaws in it that they can, because if it succeeds then they'll really feel like shit because they missed out. I see it every day. One of my coworkers used to be into Bitcoin and owned a fair number and then decided to donate them away when they were still a few dollars a pop. These days he can't stop making predictions about how Bitcoin is going to fail and how it's all a bubble and ponzi. It's unbelievable how some people are unable to deal with their cognitive biases.
- bitcoin-truth 13y ago
  This is how they deal with their cognitive dissonance. http://www.amazon.com/Mistakes-Were-Made-But-Not/dp/0156033909 http://www.amazon.com/Mistakes-Were-Made-But-Not/dp/01560339...

hackerboos 13y ago

There's only been one rational post on Bitcoin in the last fortnight: http://blog.samaltman.com/thoughts-on-bitcoin http://blog.samaltman.com/thoughts-on-bitcoin

bitcoin-truth 13y ago
... on HN

voyou 13y ago

"These posts are entirely the result of authors who didn't buy bitcoins when they were cheap." That's nonsense. The post is a result of applying a particular economic theory of how money works to something that is apparently trying to be a form of money. This theory of money might be wrong in general, or it might for some reason not apply to bitcoin specifically. But to dismiss it simply as "bias" is willed stupidity - it is a way of avoiding addressing the actual arguments put forward in the post. (The specific theory being drawn on in that post is called Modern Monetary Theory; it isn't generally accepted by mainstream economists: https://en.wikipedia.org/wiki/Modern_Monetary_Theory https://en.wikipedia.org/wiki/Modern_Monetary_Theory )

maaku 13y ago
Furthermore, theories in economics are descriptive. One should not expect with certainty an innovative currency to succeed or fail based on how well it matches a particular theory. When we are in new territory, we should expect a few surprises.
- bitcoin-truth 13y ago
  Scientific theories are falsifiable: they make testable predictions. Austrian Economic theory comes closest to this ideal.
  - maaku 13y ago
    And now you've discovered why economics is a social science. It builds models of human behavior. Humans are non-deterministic at this scale. As soon as you build an economic model, it's possible it stops working because its existence influences the behavior of the humans its modeling.
grinnbearit 13y ago
The best model I've found that explains Bitcoin is Moldbug's Monetary theory. If you had to read just one article I'd recommend http://unqualified-reservations.blogspot.in/2011/04/on-monetary-restandardization.html http://unqualified-reservations.blogspot.in/2011/04/on-monet... But if you have the time you could read all his articles on economics conveniently collected at moldbuggery.blogspot.com (under economics)

VexXtreme 13y ago

> These posts are entirely the result of authors who didn't buy bitcoins when they were cheap. They want it to fail, and try to find any flaws in it that they can, because if it succeeds then they'll really feel like shit because they missed out. I see it every day. One of my coworkers used to be into Bitcoin and owned a fair number and then decided to donate them away when they were still a few dollars a pop. These days he can't stop making predictions about how Bitcoin is going to fail and how it's all a bubble and ponzi. It's unbelievable how some people are unable to deal with their cognitive biases.

bitcoin-truth 13y ago
This is how they deal with their cognitive dissonance. http://www.amazon.com/Mistakes-Were-Made-But-Not/dp/0156033909 http://www.amazon.com/Mistakes-Were-Made-But-Not/dp/01560339...