Bitcoin heading towards $200, new bubble forming

Post by jbooth » Sun, Oct 20, 2013, 1:27 PM UTC

dragonwriter wrote: post #110

jbooth wrote: post #93

Earlier quoted context omitted.

" their scope of understanding of economics and past efforts in that field is relevant, and age is an extremely poor proxy for that. (It's exactly the same problem as using age alone as a proxy for to measure programming skill would be.)" That's exactly the spot where I disagree. Understanding political-economy properly requires a certain amount of cynicism that can only come from observing the world for a while. Ver…

> That's exactly the spot where I disagree. Understanding political-economy properly requires a certain amount of cynicism, that can only come from observing the world for a while Cynicism hinders understanding, though it may be a product of understanding, and while cynicism may come from age, its a whole lot more related to particular experiences interacting with underlying personality. > For what it's worth, I didn…

Post by mugenx86 » Sun, Oct 20, 2013, 11:15 PM UTC

snitko wrote: post #81

jbooth wrote: post #74

Earlier quoted context omitted.

It can't be both? The declining rate of bitcoin generation certainly has ponzi-like properties. It seems like the primary motivation to mine is assuming that the value will go up as mining becomes more difficult.

So? Is Gold a ponzi scheme too? I don't see a problem with the declining rate of generation because you can divide Bitcoin up to some pretty small fractions. You have to really wrap your head around deflation, you know. It's a beautiful and healthy thing, it's just that we've been told it's not.