4 ms·

> A real currency with a fiscal policy and the backing of a state that could raise loans would be able to ride out this insult. My bitcoins in my personal wall

by drcode 13y ago

> A real currency with a fiscal policy and the backing of a state that could raise loans would be able to ride out this insult. My bitcoins in my personal wallet seem to be "riding out" everything just fine. What am I missing?

w0utert 13y ago
So everything is great because you (still) happen to be among the lucky few that have profit from holding BTC? Got it...
- drcode 13y ago
  It has nothing to do with profit, it has to do with the fact that OP is calling the failing of a specific business a crisis to a currency. Did he say there was an "insult to the dollar currency" when Lehman Brothers went under?
  - w0utert 13y ago
    >> Did he say there was an "insult to the dollar currency" when Lehman Brothers went under? He didn't say as much, but it wouldn't have been that inappropriate if he had. The fall of Lehman Brothers actually was a symptom of a failing currency, just because the USD and most other currencies around the world are failing much slower than BTC, doesn't mean they're doing alright either. There's a world-wide currency war going on where everybody is trying to devaluate their currency to try to inflate away debt, so yeah, you could say the fall of Lehman Brothers was (part of) an "insult to the dollar currency". That doesn't make BTC any better as a currency though, somehow people who like BTC always seem to mix these two things up.
    - drcode 13y ago
      Fair point.
pjc50 13y ago
The Harold Wilson argument: the numeraire of your wallet is indeed unchanged. The value of what you can buy with it has fluctuated dramatically.
- drcode 13y ago
  > The value of what you can buy with it has fluctuated dramatically. In 2013 I would have agreed. So far in 2014, the price fluctuations have been modest(though different people have different tolerances for risk, of course)

4 ms·

> A real currency with a fiscal policy and the backing of a state that could raise loans would be able to ride out this insult. My bitcoins in my personal wall

by drcode 13y ago

w0utert 13y ago
So everything is great because you (still) happen to be among the lucky few that have profit from holding BTC? Got it...
- drcode 13y ago
  It has nothing to do with profit, it has to do with the fact that OP is calling the failing of a specific business a crisis to a currency. Did he say there was an "insult to the dollar currency" when Lehman Brothers went under?
  - w0utert 13y ago
    >> Did he say there was an "insult to the dollar currency" when Lehman Brothers went under? He didn't say as much, but it wouldn't have been that inappropriate if he had. The fall of Lehman Brothers actually was a symptom of a failing currency, just because the USD and most other currencies around the world are failing much slower than BTC, doesn't mean they're doing alright either. There's a world-wide currency war going on where everybody is trying to devaluate their currency to try to inflate away debt, so yeah, you could say the fall of Lehman Brothers was (part of) an "insult to the dollar currency". That doesn't make BTC any better as a currency though, somehow people who like BTC always seem to mix these two things up.
    - drcode 13y ago
      Fair point.
pjc50 13y ago
The Harold Wilson argument: the numeraire of your wallet is indeed unchanged. The value of what you can buy with it has fluctuated dramatically.
- drcode 13y ago
  > The value of what you can buy with it has fluctuated dramatically. In 2013 I would have agreed. So far in 2014, the price fluctuations have been modest(though different people have different tolerances for risk, of course)