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Why Bitcoin Matters
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Why Bitcoin Matters

  #1 (permalink)
Market Wizard
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Why Bitcoin Matters

Very interesting NYTimes/Dealbook article on Bitcoin written by Marc Andreessen, a co-founder of the venture capital firm Andreessen Horowitz who have invested just under $50 million in Bitcoin-related start-ups. Obviously very pro-Bitcoin but still very interesting.

http://dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/

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International payments by migrant workers. Nuff said.

When you consider that smartphone penetration will be approaching 50% of the global population in five years, at up to 4 billion handsets, all of which should be capable of making Bitcoin transactions, this should be a great economic boost to people in the third world.

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I thought it was a decent article that raised some very good positives of a currency that isn't controlled by a select few.

Where I struggle with Bitcoin is the supply of lack of supply. I know that one of the 'selling points' of Bitcoin is that it can't be printed like modern government's seem to do with their current currencies but the lack of supply makes it appear (at least to me) as a ponzi style scheme. For example lets assume that a country decides to replace their current currency with Bitcoin. The value of Bitcoin suddenly becomes a function of supply and demand and how much Bitcoin said country wants to acquire. Hence long term, if Bitcoin becomes successful, the value will have to escalate purely based upon demand. Hence the first people in profit, hence a ponzi like scheme.

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SMCJB View Post
who have invested just under $50 million in Bitcoin-related start-ups.

So he has 50 million good reasons to promote the idea...

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I saw a few cyber hostage cases, where the ransom was denominated in bitcoins, not sure we need a financial instrument that makes it more easy to organize criminal activity without being able to trace the financial flow.

Hacker Group DD4BC New DDos Attacks | BitcoinVox - Bitcoin News, Market, Regulation, Analysis & Reviews

This to me is an issue that can make or break a currency like Bitcoin.

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In my opinion, you only have to look as far as Greece to see that using a single currency doesn't work.

European countries are close enough for the experiment to try out (an experiment which is obviously failing) but if you try to use it across all countries it won't even get off the ground.

Additionally as @SMCJB mentioned, there is a supply issues and it will become a ponzi.

Countries also need to be able to print and have monetary control to balance their economies, not everything is that simple.

This reminds me of when I use to frequent gold forums, every tin foil wearing doomsday guy there thinks they can solve the worlds problems by going to a gold backed currency - it's not that simple.

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PeakGrowth View Post
Additionally as @SMCJB mentioned, there is a supply issues and it will become a ponzi.

I can't believe a bitcoiner accusing cash to be a ponzi. I can make a very good case for bitcoin being very much like a ponzi.

But anyway, what about altcoins that devalue the bitcoin network by both taking away investor money and providing an alternative aka unlimited supply?

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I can't believe a bitcoiner accusing cash to be a ponzi. I can make a very good case for bitcoin being very much like a ponzi.

But anyway, what about altcoins that devalue the bitcoin network by both taking away investor money and providing an alternative aka unlimited supply?

Not sure what you mean there but both @SMCJB and myself have the view that bitcoin is a ponzi, not cash - which seems to be agreeing with your statement.

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Just to clarify, I'm not saying it's a Ponzi scheme in that it is people's intent to defraud others, I'm saying that it's cap on how much Bitcoin can be in circulation makes it Ponzi-scheme like, or will eventually have a Ponzi scheme effect.

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SMCJB View Post
Just to clarify, I'm not saying it's a Ponzi scheme in that it is people's intent to defraud others, I'm saying that it's cap on how much Bitcoin can be in circulation makes it Ponzi-scheme like, or will eventually have a Ponzi scheme effect.

Yes like Australian property unfortunately.

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