Bitcoin doesn't care what we think, whether we adopt it, whether we cancel it, what its price is etc. It just keeps rolling along. Place your bets everyone.
Have to agree with Charlie Munger on this one, it's rat poison², if for no other reason than the ridiculous amount of resources to run it. We should be using that energy/computing power for something more productive (Ray Dalio is right, productivity is the key to having a healthier economy).
have my own criticism of bitcoin but Munger is a fossil that probably doesn't understand technology of block chain . Furthermore , suspect he doesn't have same opinion of fiat currency that is also created out of thin air backed by nothing other than sovereign promises.
Great point! While I like the Hayek principles that were discussed, what people miss is that if BC became truly threatening to governments, they can shut it down. Energy use and pollution are vulnerable , easy to disrupt choke points. A government would have the resources to regulate the energy consumption of miners particularly under the clean energy flag
The free market decides what is worthy of energy, capital or effort. Not college-educated, unproductive intelligentsia. The resources are not required to "run" it (you can run it with a RasberryPi blitz in your home on dial up internet). The resources are spent by miners who want to capture the new bitcoin, and deem the price to be worth the price of electricity. I think you need to spend a bit more time understanding how it actually works before you agree with a 99 year old man on technology.
Given the marginal uptake in El Salvador of digital Tulip Bulbs (Bitcoin), color me skeptical. Bitcoin is an attempt to create what Gold already provides - something that cannot be printed at will.
I like Hayek's perspectives, and, in a perfect world the crypto system would solve many problems. That is why the powers that be in the dark government will crush it sooner than later IMO
the fundamental problem is that bitcoin is stoppable. Merely kill the protocol going through backbone routers and voila . Despots everywhere already doing for everything that threatens their power.
With respect, you might need to spend a bit more time understanding Bitcoin. I would recommend Lyn Alden's articles on her website. And "Understanding Bitcoin" which is free on GitHub.
Bitcoin doesn't care what we think, whether we adopt it, whether we cancel it, what its price is etc. It just keeps rolling along. Place your bets everyone.
Have to agree with Charlie Munger on this one, it's rat poison², if for no other reason than the ridiculous amount of resources to run it. We should be using that energy/computing power for something more productive (Ray Dalio is right, productivity is the key to having a healthier economy).
have my own criticism of bitcoin but Munger is a fossil that probably doesn't understand technology of block chain . Furthermore , suspect he doesn't have same opinion of fiat currency that is also created out of thin air backed by nothing other than sovereign promises.
Great point! While I like the Hayek principles that were discussed, what people miss is that if BC became truly threatening to governments, they can shut it down. Energy use and pollution are vulnerable , easy to disrupt choke points. A government would have the resources to regulate the energy consumption of miners particularly under the clean energy flag
The free market decides what is worthy of energy, capital or effort. Not college-educated, unproductive intelligentsia. The resources are not required to "run" it (you can run it with a RasberryPi blitz in your home on dial up internet). The resources are spent by miners who want to capture the new bitcoin, and deem the price to be worth the price of electricity. I think you need to spend a bit more time understanding how it actually works before you agree with a 99 year old man on technology.
Money is the most important technology. Why wouldnt you invest large amounts of resources into it, if its the best available.
And how could you judge, if there is something more productive to do with the energy. The people running bitcoin miners seem to disagree with you.
lol its 50% of every transaction
Given the marginal uptake in El Salvador of digital Tulip Bulbs (Bitcoin), color me skeptical. Bitcoin is an attempt to create what Gold already provides - something that cannot be printed at will.
Are you a ‘convert’ now?
America had Free Banking in the1800s. The Robber Barons story was written by Communists.
I like Hayek's perspectives, and, in a perfect world the crypto system would solve many problems. That is why the powers that be in the dark government will crush it sooner than later IMO
the fundamental problem is that bitcoin is stoppable. Merely kill the protocol going through backbone routers and voila . Despots everywhere already doing for everything that threatens their power.
“You can’t protest a government whose money you depend on.” It’s that simple, in my opinion.
But Bitcoin is not money. It has no intrinsic value and has repeatedly shown that it is not secure or beyond the reach of governments.
your paper money has no intrinsic value either
but you can go to circle K and buy milk with it. Until you can do that, bitcoin is a slot machine.
But it is backed by a national government. Bitcoin has nothing but notional value.
With respect, you might need to spend a bit more time understanding Bitcoin. I would recommend Lyn Alden's articles on her website. And "Understanding Bitcoin" which is free on GitHub.
Understanding bitcoin is simple. It is a digital ledger entry. Nothing more.