Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Why I'm Interested in Bitcoin

cdixon.org

Post reply on HN
Print view View original

171–178 of 178 posts

Re: Why I'm Interested in Bitcoin

#171

Post by PureApeshit »

XorNot wrote: post #163
PureApeshit wrote: post #162

Earlier quoted context omitted.

computer power is deflationary, tablet i bought for 200 euros 2 years ago, oday i can buy same specs for 59 euros... still noone waits and holds till stuff get cheaper, same with bitcoin it will only help environment for massive stockpiling of goods will be bad. You are not getting wealthy for nothing, you get wealthy for restraining your consumption, which is major problem of todays world, trust me im homeless(for p…

The computer you bought 2 years ago didn't increase in computing power in that time. A computer from 2 years ago is not worth more today. But wealth in a deflationary currency does . The rest of your argument about curtailing consumption is an irrelevant tangent here.

Point is wealth in a deflationary currency is increasing, because of worth of things, without things currency is just useless numbers. If all items on world stayed the same, the value of currency would stay same too.

My point with computers was that hording currency will not affect the markets, same as computer market is not crashing because everyone is waiting for better computer for same price next year! Essential expences must be done and environment factor comes in and is important, because inflation currency lose value all time so big merchant is less afraid to just stock himself with huge amounts of items, even they get outdated he still will make profit selling them cheaper, compared to if he had just stored value in cash and lost that value to inflation.

Re: Why I'm Interested in Bitcoin

#172

Post by XorNot »

PureApeshit wrote: post #171
XorNot wrote: post #163

Earlier quoted context omitted.

The computer you bought 2 years ago didn't increase in computing power in that time. A computer from 2 years ago is not worth more today. But wealth in a deflationary currency does . The rest of your argument about curtailing consumption is an irrelevant tangent here.

Point is wealth in a deflationary currency is increasing, because of worth of things, without things currency is just useless numbers. If all items on world stayed the same, the value of currency would stay same too. My point with computers was that hording currency will not affect the markets, same as computer market is not crashing because everyone is waiting for better computer for same price next year! Essential…

"Computing power" is not a currency - you can't store value in it, it's transient and consumed as soon as it's produced.

The time-computing-cost output of a given computer decreases with each new model released. Each new model of CPU does more calculations using less power, or does more calculations over a previously unobtainable timespan.

Your computer, sitting in front of you, does the same, but the amount you spent on it, it now does less.

Computers are massively inflationary - it's why people only buy them when they absolutely need them. It's why you have 1, not 20 as an investment. It's why the second hand market for PCs is terrible - because they're worth far less each month after you buy them then they are new from a manufacturer who is constantly producing more.

And of course more importantly to all of this: computers have value! They do things! They produce value for people by owning them. "Money" does not. Just having it does absolutely nothing!

Re: Why I'm Interested in Bitcoin

#173

Post by PureApeshit »

XorNot wrote: post #172
PureApeshit wrote: post #171

Earlier quoted context omitted.

Point is wealth in a deflationary currency is increasing, because of worth of things, without things currency is just useless numbers. If all items on world stayed the same, the value of currency would stay same too. My point with computers was that hording currency will not affect the markets, same as computer market is not crashing because everyone is waiting for better computer for same price next year! Essential…

"Computing power" is not a currency - you can't store value in it, it's transient and consumed as soon as it's produced. The time-computing-cost output of a given computer decreases with each new model released. Each new model of CPU does more calculations using less power, or does more calculations over a previously unobtainable timespan. Your computer, sitting in front of you, does the same, but the amount you spen…

Ofcourse it does! Having it means USING IT, are you saying that we should stop use money? Even i totaly agree on stoping using it, my homeless tribe thing - http://postandrate.com/homeless-tribe-drastic-improvement-of... , but ofcourse that is huge step forward and not very realistic yet... basicaly if you horde bitcoins you are using them! and unless you horde 100% of all bitcoins you are just a simple user!!! and i again say that value of it being deflationary and not NEUTRAL like supposedly perfect money should be is thath it discourages mindless consumption and as you yourself say encourages buying when you absolutely need stuff.

Re: Why I'm Interested in Bitcoin

#174

Post by XorNot »

PureApeshit wrote: post #173
XorNot wrote: post #172

Earlier quoted context omitted.

"Computing power" is not a currency - you can't store value in it, it's transient and consumed as soon as it's produced. The time-computing-cost output of a given computer decreases with each new model released. Each new model of CPU does more calculations using less power, or does more calculations over a previously unobtainable timespan. Your computer, sitting in front of you, does the same, but the amount you spen…

Ofcourse it does! Having it means USING IT, are you saying that we should stop use money? Even i totaly agree on stoping using it, my homeless tribe thing - http://postandrate.com/homeless-tribe-drastic-improvement-of... , but ofcourse that is huge step forward and not very realistic yet... basicaly if you horde bitcoins you are using them! and unless you horde 100% of all bitcoins you are just a simple user!!! and i…

I don't think you understand what "investment" does in the economy.

If a currency is deflationary, there's no point to investment - investment is risky, whereas simply holding it gives it more value (this presumes a stable store of value and no alternative currencies).

This tanks economic growth, because beyond a certain quantity of wealth your savings appreciate in value faster then you need to spend them to stay alive. Whereas below a certain value of wealth, no matter how hard you work or how much you save, you will never reach that point - because you have to reduce your savings to buy the necessities of life.

Of course, its not a stable situation because the economy that goes into a deflationary spiral soon collapses, the rich get murdered, and everyone moves back into a currency which supports a proper debt-system and doesn't doom people to servitude for an actual idle rich.

Re: Why I'm Interested in Bitcoin

#175

Post by quack »

XorNot wrote: post #155
quack wrote: post #116

Earlier quoted context omitted.

If someone hacks your netbanking details and sends the money before you realize it the bank most certainly not cover your losses. Debit card fraud transactions have a very short window to report. It's a good thing that you have a 4 digit pin because 4 digits is secure Bitcoin allows a merchant to recognizing a transaction without considering fraud/KYC. I've sold items on a forum with an escrow moderator and paid 0% i…

Conversely it's illegal to take money which wasn't intended to be sent to you. Let's say you accidentally type in the wrong BSB (which my father actually did once) and it happens to line up with an account number in that bank (fortunately for him it did not). Even if you send say, $150,000 to that person....it's not legal for that person to accept it. Nor spend it. See, while they could claim to have spent a portion…

Sure, but many banks dont care. Thats the whole reason the Nigerian scams work so well.

Re: Why I'm Interested in Bitcoin

#176

Post by PureApeshit »

XorNot wrote: post #174
PureApeshit wrote: post #173

Earlier quoted context omitted.

Ofcourse it does! Having it means USING IT, are you saying that we should stop use money? Even i totaly agree on stoping using it, my homeless tribe thing - http://postandrate.com/homeless-tribe-drastic-improvement-of... , but ofcourse that is huge step forward and not very realistic yet... basicaly if you horde bitcoins you are using them! and unless you horde 100% of all bitcoins you are just a simple user!!! and i…

I don't think you understand what "investment" does in the economy. If a currency is deflationary, there's no point to investment - investment is risky, whereas simply holding it gives it more value (this presumes a stable store of value and no alternative currencies). This tanks economic growth, because beyond a certain quantity of wealth your savings appreciate in value faster then you need to spend them to stay al…

Inflation is how rich write off huge debts they have, because same 1000$ debt after 10 years is a lot less value.

Even it is true inflation pumps nonstop growth of economy - it is not practicaly possible to depend on nonstop growth or die. Hence all the crisis and ridiculousness in current economies.

There is no difference if rich people are idle because they have stocks or because they have currency. That is what richness is about - the lack of need.

Ofcourse bitcoin or other similar currency wont solve all the problems, but it is a better version of currency than the curent one for sure!

Re: Why I'm Interested in Bitcoin

#177

Post by PureApeshit »

XorNot wrote: post #174
PureApeshit wrote: post #173

Earlier quoted context omitted.

Ofcourse it does! Having it means USING IT, are you saying that we should stop use money? Even i totaly agree on stoping using it, my homeless tribe thing - http://postandrate.com/homeless-tribe-drastic-improvement-of... , but ofcourse that is huge step forward and not very realistic yet... basicaly if you horde bitcoins you are using them! and unless you horde 100% of all bitcoins you are just a simple user!!! and i…

I don't think you understand what "investment" does in the economy. If a currency is deflationary, there's no point to investment - investment is risky, whereas simply holding it gives it more value (this presumes a stable store of value and no alternative currencies). This tanks economic growth, because beyond a certain quantity of wealth your savings appreciate in value faster then you need to spend them to stay al…

here is good article on our discusion topic http://www.coindesk.com/bitcoin-isnt-evil-what-gives-value/

Re: Why I'm Interested in Bitcoin

#178

Post by jafaku »

jusben1369 wrote: post #128
jafaku wrote: post #92

Earlier quoted context omitted.

> Some guy in Arizona can set himself up online, sign up for Stripe I'm not from Arizona, so Stripe isn't an option. But then there is Bitcoin. Countries: All. Requirements: Internet.

I'm wondering how many consumers globally know how to pay with Bitcoin vs currently have a piece of plastic.

A piece of plastic? Are you serious?
Post reply on HN