A Prediction: Bitcoin Is Doomed to Fail
dealbook.nytimes.com
A Prediction: Bitcoin Is Doomed to Fail
1–10 of 431 posts
Re: A Prediction: Bitcoin Is Doomed to Fail
#2Why did the author of that article have a different title when the same article was posted on the Reuters blog? [1]
Over there the article headline is: "Bitcoin is a step back not forward"
Is that his choice or the editors?
[1] http://blogs.reuters.com/edward-hadas/2013/11/27/edward-hada...
Re: A Prediction: Bitcoin Is Doomed to Fail
#3I don't know if bitcoin is doomed to fail or not but, the thesis of this article isn't credible. There has never been anything like cryptocurrency in the history of the world and this statement may well not apply: "They will fail, because money that is not issued by governments is always doomed to failure. Money is inevitably a tool of the state."
Re: A Prediction: Bitcoin Is Doomed to Fail
#4Calling BitCoin "privatized" misunderstands its nature. While it's true that there are large players invested, crypto-currencies are protocols, and cannot (reliably) be owned or controlled any more than TCP/IP or HTML.
Meanwhile, fiat currency (as we know it) is not merely a tool of state; it is a command-and-control tool of the government-industrial complex, a creation not only of the U.S. tax code, but by massive private banking institutions who steal value from the public through complicated mathematics.
I actually quite like Graeber and his ideas; I think crypto-currencies come closer to fulfilling "an intricate structure of social relationships and spiritual beliefs" than the U.S. dollar ever could.
Re: A Prediction: Bitcoin Is Doomed to Fail
#5"After all, no bank or bitcoin-emitter can be as public-minded as a government, and no private power can raise taxes or pass laws to unwind monetary excesses."
I am not an expert by any stretch of the imagination, but this seems like a big point in the authors argument.
Isn't the removal of this flaw baked into bitcoin by it's nature?
" Besides, if bitcoin ever really started to take off, governments would either ban it or take over the system."
Isn't this pretty damn hard as well?
Re: A Prediction: Bitcoin Is Doomed to Fail
#6I don't know if bitcoin is doomed to fail or not but, the thesis of this article isn't credible. There has never been anything like cryptocurrency in the history of the world and this statement may well not apply: "They will fail, because money that is not issued by governments is always doomed to failure. Money is inevitably a tool of the state."
Is gold issued by governments?
Re: A Prediction: Bitcoin Is Doomed to Fail
#7I don't know if bitcoin is doomed to fail or not but, the thesis of this article isn't credible. There has never been anything like cryptocurrency in the history of the world and this statement may well not apply: "They will fail, because money that is not issued by governments is always doomed to failure. Money is inevitably a tool of the state."
Agreed. His entire argument boils down to "Money has never worked like bitcoin, so it can't possibly work." It's an absurd line of logic to use as a critique. It's like the RIM guys claiming no one would like iPhones because they don't have physical keyboards, and smartphones "have always had physical keyboards."
Re: A Prediction: Bitcoin Is Doomed to Fail
#8I think this guy doesn't get that money is just an efficient way to trade debt. The reason other currencies have failed is that they haven't been as efficient, and also have been illegal. Crytocurrency may end up being more efficient. Especially for international transactions.
Re: A Prediction: Bitcoin Is Doomed to Fail
#9I think this guy doesn't get that money is just an efficient way to trade debt. The reason other currencies have failed is that they haven't been as efficient, and also have been illegal. Crytocurrency may end up being more efficient. Especially for international transactions.
Also, bitcoin is already -much- better at moving money around the world. 8 cents for a bitcoin transfer or the 45 dollar wire transfer?
Re: A Prediction: Bitcoin Is Doomed to Fail
#10I don't know if bitcoin is doomed to fail or not but, the thesis of this article isn't credible. There has never been anything like cryptocurrency in the history of the world and this statement may well not apply: "They will fail, because money that is not issued by governments is always doomed to failure. Money is inevitably a tool of the state."
Is gold issued by governments?
No, and it failed as a currency.