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Author Topic: Another old austrian bites the bitcoin dust  (Read 6512 times)
Seth King
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« on: November 29, 2013, 08:19:02 PM »

http://www.garynorth.com/public/11828.cfm

Sure is a shame that the old guard largely can't wrap their heads around Bitcoin. It would be nice to know that they'd end up being some of the most wealthy and powerful people in the world. Instead, they're going to get left behind and many other statists are catching on to bitcoin before they are. Still, the earliest bitcoin users are ancaps, and that's great. Just wish all the ancaps/libertarians were on board first.
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SinCityVoluntaryist
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« Reply #1 on: November 29, 2013, 10:09:03 PM »

I think we need to change the name of this site to the Daily Bitcoin, Seth.  Smiley
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Seth King
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« Reply #2 on: November 29, 2013, 11:03:41 PM »

Bitcoin will likely do more to liberate mankind than just about any one of our high minded philosophies.
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SinCityVoluntaryist
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« Reply #3 on: November 29, 2013, 11:09:45 PM »

^Oh, I agree. Now that I'be invested in it, I understand how liberating it can be for people.
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Syock
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« Reply #4 on: November 30, 2013, 11:32:20 AM »

Maybe we should make a bitcoin subsection.  Then it will be at least separate from the philosophy. 
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« Reply #5 on: November 30, 2013, 01:10:09 PM »

I distinctly remember one of my college professors saying that the internet (specifically the World Wide Web) was a fad and wouldn't amount to anything.

This was an ENGINEERING professor.   And not an OLD one, either, he was probably in his mid to late thirties at the time.     

Bitcoin (the technology) is going to change the world.  Simultaneously, Bitcoin (the currency) might make a few people rich.   Not everyone will be in the second group, but pretty much the entire civilized planet will benefit from the financial revolution, even if they don't know it or use Bitcoin directly.    Kinda like the internet.      Calling Bitcoin (the technology) a ponzi scheme is like calling the world wide web a scam.       If you don't trust (or know enough to trust) Bitcoin (the currency) then don't speculate on it.     But cryptocurrencies are in your future whether you agree with it or not.   

BTW, I'm all for a BTC subsection.
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« Reply #6 on: November 30, 2013, 05:56:42 PM »

Is it possible to move threads around to the other sections?  I would do it, but I can't.  heh
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« Reply #7 on: December 01, 2013, 12:20:26 PM »

I'd never heard of Gary North, but if he's the kind of person promoting Austrian economics then it never stands a chance.

He literally thinks that Bitcoins lack value because they don't meet a specific definition of "money". He has no idea what the purpose of words are, and he writes at the level of a fifth grader.

That being said, I share his skepticism of Bitcoin's long-term prospects and short-term stability. Its pseudo-anonymity, ease-of-use and freedom from regulation are valuable features, but they're easily replicated by other digital currencies. I also think the increasing size of the blockchain and the fragility of one's wallet are serious practical issues.

I certainly don't begrudge anyone who's profiting from Bitcoin, especially an-caps. But I do think its current rise in value is largely speculative, akin to investment in non-dividend stocks like Facebook and Twitter.
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« Reply #8 on: December 01, 2013, 01:04:57 PM »

I also think the increasing size of the blockchain and the fragility of one's wallet are serious practical issues.

Last time I looked, they had a way to trim the blockchain by a significant amount that will be implemented in the future.  It also currently doesn't need to actually be on your computer. 

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Seth King
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« Reply #9 on: December 01, 2013, 09:54:39 PM »

http://libertarianstandard.com/2013/12/01/ponzi-logic-debunking-gary-north/

Went to a porcupine meetup tonight. An old-timer there, who has a great respect for Gary North, read his anti-bitcoin article and now thinks Bitcoin is bogus. It is a real shame that a lot of the old guard won't take the time to wrap their heads around bitcoin, because they are doing a great disservice to libertarianism.

But thank God for Jeffrey Tucker's article. He utterly demolishes North. I'm pretty sure the old timer at our meetup will read Jeff's article, because I sent it to him, and because he likes to read these sorts of things. He's not closed-minded, so I'm sure this will give him pause, especially because North's prediction on Y2K ending in disaster shows that he's fallible.

Edit: Correction, it wasn't Jeff that wrote that article, but John Mather.
« Last Edit: December 01, 2013, 09:56:41 PM by Seth King » Logged

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AuNero
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« Reply #10 on: December 03, 2013, 02:32:05 PM »

Robert Wenzel from Economic Policy Journal defends Gary North - he says:

Bitcoin is not going to slay the Fed.  It will not take control away from the money cartel. The legislation is coming that will:  Make anonymizing of bitcoins a money laundering crime, and Bitcoin processors will be required to accept chargebacks from users.

These two steps will make bitcoins less valauble to use than currency or gift cards, since all Bitcoin transactions will be trackable.

http://www.economicpolicyjournal.com/2013/12/the-absurd-attack-on-gary-norths-take.html

What's your opinion on the claims that regulations will keep Bitcoin from prospering?
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Seth King
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« Reply #11 on: December 03, 2013, 02:50:55 PM »

And another old Austrian bites the dust.

I don't give a shit what the feds do. I don't care if they outlaw it or give it the green light. Since when is agorism dependent on having permission from the state in order to succeed?
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« Reply #12 on: December 03, 2013, 04:40:17 PM »

I don't give a shit what the feds do. I don't care if they outlaw it or give it the green light. Since when is agorism dependent on having permission from the state in order to succeed?

My concern is that people who are not competent in using encryption technology will shy away from it.
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Seth King
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« Reply #13 on: December 03, 2013, 05:28:37 PM »

I don't give a shit what the feds do. I don't care if they outlaw it or give it the green light. Since when is agorism dependent on having permission from the state in order to succeed?

My concern is that people who are not competent in using encryption technology will shy away from it.

Most people have no idea how the internet works or the encryption used in their daily lives, and yet they seem to manage.

We're in the earliest stages right now. It's going to get a lot easier. Stay tuned.
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