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"A currency requires backing by a central authority." Citation needed.

by panarky 13y ago

lingben 13y ago
citation: see bitcoin /snark But seriously, it is difficult to not approach the question with sarcasm as it is so self-evident. Put yourself in the shoes of one of the hundreds of people who lost their bitcoins via the Mt. Gox fiasco and ponder your own question anew.
- cobrausn 13y ago
  Calling it a requirement and then saying it is self-evident because it's something you require and imagine other people do as well doesn't actually make it a requirement. A lot of people are perfectly comfortable with some amount of risk, and those people use bitcoin. It's not like legal tender is going anywhere, despite what some dreamers may say. Disclaimer: I own zero bitcoins.
- deleted 13y ago
  [deleted]
- figglesonrails 13y ago
  I fail to see how this is any different than people putting money into bank 1000 years ago and a bank robbery destroy their wealth. Isn't that a perfectly accurate description of what happens when an exchange gets hacked? Isn't that more or less what happens when a bank makes bad investments and loses your money, so that when everyone attempts to withdraw at once (bank run), the bank collapses [assuming no "FDIC"]? As far as I'm concerned, the biggest problem isn't "regulation" or "central authority" or "is bitcoin currency?" it is "who takes the loss when sh*t hits the fan?" In the bitcoin world, the winner is YOU.
lutorm 13y ago
It is pretty obvious from the preceding sentences that this is an opinion, not a statement of fact, and hence a citation is not needed.
- lutusp 13y ago
  > It is pretty obvious from the preceding sentences that this is an opinion ... No, it was stated as though it were a fact that a currency requires the backing of a central authority. It's a testable proposition, and the fact that Bitcoin exists and functions as a currency, and the fact that the present Fed chairperson asserts that the government has no authority to regulate Bitcoin, is the needed counter-citation. Link:http://www.theguardian.com/business/2014/feb/27/janet-yellen-federal-reserve-no-authority-regulate-bitcoin http://www.theguardian.com/business/2014/feb/27/janet-yellen... Quote: "The Federal Reserve has no authority to supervise or regulate Bitcoin, chair Janet Yellen told Congress on Thursday." So the original claim is false.

"A currency requires backing by a central authority." Citation needed.

by panarky 13y ago

"A currency requires backing by a central authority." Citation needed.

citation: see bitcoin /snark But seriously, it is difficult to not approach the question with sarcasm as it is so self-evident. Put yourself in the shoes of one of the hundreds of people who lost their bitcoins via the Mt. Gox fiasco and ponder your own question anew.

cobrausn 13y ago
Calling it a requirement and then saying it is self-evident because it's something you require and imagine other people do as well doesn't actually make it a requirement. A lot of people are perfectly comfortable with some amount of risk, and those people use bitcoin. It's not like legal tender is going anywhere, despite what some dreamers may say. Disclaimer: I own zero bitcoins.
deleted 13y ago
[deleted]
figglesonrails 13y ago
I fail to see how this is any different than people putting money into bank 1000 years ago and a bank robbery destroy their wealth. Isn't that a perfectly accurate description of what happens when an exchange gets hacked? Isn't that more or less what happens when a bank makes bad investments and loses your money, so that when everyone attempts to withdraw at once (bank run), the bank collapses [assuming no "FDIC"]? As far as I'm concerned, the biggest problem isn't "regulation" or "central authority" or "is bitcoin currency?" it is "who takes the loss when sh*t hits the fan?" In the bitcoin world, the winner is YOU.

lutorm 13y ago

It is pretty obvious from the preceding sentences that this is an opinion, not a statement of fact, and hence a citation is not needed.

lutusp 13y ago
> It is pretty obvious from the preceding sentences that this is an opinion ... No, it was stated as though it were a fact that a currency requires the backing of a central authority. It's a testable proposition, and the fact that Bitcoin exists and functions as a currency, and the fact that the present Fed chairperson asserts that the government has no authority to regulate Bitcoin, is the needed counter-citation. Link:http://www.theguardian.com/business/2014/feb/27/janet-yellen-federal-reserve-no-authority-regulate-bitcoin http://www.theguardian.com/business/2014/feb/27/janet-yellen... Quote: "The Federal Reserve has no authority to supervise or regulate Bitcoin, chair Janet Yellen told Congress on Thursday." So the original claim is false.