The increased number of guns on the street have made society so safe that nobody dies ever again. Put out of a job, Death turns to farming for gainful employment. A Bizzaro World Good Cartoon.
He does know that that's the exact opposite of what it's saying, right? Scythes were used for agriculture, not war. Death using one was metaphor for harvesting the souls of the deceased. The cartoon is saying that the guns are going to kill more people.
Err, aren't bitcoins incredibly unstable? I recall bitcoins crashing at least six times in the last two years.
And doesn't gold not actually have an inherent value, aside from it's industrial usefulness, at least, no more than bitcoins do - ie, unless you're going to use it to make something, it's essentially worthless until someone agrees with you that it's worth X amount of dollars?
This is the bitcoin to dollar exchange rate for the last two years: The bout in June 2011 was the result of a hack. Other than that it looks pretty stable to me, but I'm no financial expert.
As for the thing about "inherent value": The way you use it basically says that absolutely nothing has inherent value because everything is worthless until you do something worthwhile with it or transform it into something worthwhile. The way the guy in the video uses "inherent value" in my opinion is that currency is just a number that is stored somewhere. Either written on a piece of paper or stored in some database for your bank, etc. The value is set by the number on the piece of paper, not necessarily by how much paper you have.
This is the bitcoin to dollar exchange rate for the last two years: (graph)
The bout in June 2011 was the result of a hack. Other than that it looks pretty stable to me, but I'm no financial expert.
So, do you not see the bit right around august where the arse drops out of the market again, going from just under fifteen to just over five? Or how it did that AGAIN at the same time next year? Looking at the graphs on the site you pulled that single-exchange graph from. Sadly, it doesn't let you graph out the currency as a whole, which is irritating - though understandably difficult with how many exchanges have cashed out.
Also, looking at that, I'm seeing big daily swings up and down. It also seems to show that after that hack, the only time It'd actually made any decent gains is this year. Seriously, looking at the chart you provided, I can pretty fucking clearly tell that the value of the currency isn't stable relative to what you're buying with it. In fact, at it's most stable, if you look at the same data with volume included, is when people were trading very, very little. Also, looking at it with volume included - When trade goes up, value falls out. When trade goes down, most of the time it stabilizes and starts to climb a bit.
Finally - Look at the spike around that hack. Within, you see one of the inherent problems of Bitcoins - Bank runs. When something goes wrong, the currency spikes hard downward. A big enough hit will kill it, and this is not a problem that can be eliminated, because it's inherent to the way bitcoin works.
Also consider - A currency based around objects that are valuable because of their scarcity, objects that can't be faked, those units being used after a fashion as currency, sound familiar? It should - Bitcoins are essentially the same as the Gold standard.
As for the thing about "inherent value": The way you use it basically says that absolutely nothing has inherent value because everything is worthless until you do something worthwhile with it or transform it into something worthwhile.
Yes, It's a set of theories within economics called intrinsic value theory, or objective value theory. Admittedly, I'm excluding production cost - as you don't really produce gold so much as find it, and plus, even with the price of getting it out of wherever you're finding it included it's really not terribly valuable.
Aside from that, the price of gold - which is what many think is the intrinsic value, but really isn't - is now extremely divorced from the mining cost, and is mostly based on buyers and sellers rather than production. It's intrinsic value including production cost has actually been slowly dropping, as mining techniques and technology improve, and it becomes cheaper and easier to get larger quantities of the stuff from various sources from mining to shit. Literally, shit. Japan has a sewage plant that produces more gold per ton than some of the world's most productive mines.
The way the guy in the video uses "inherent value" in my opinion is that currency is just a number that is stored somewhere. Either written on a piece of paper or stored in some database for your bank, etc. The value is set by the number on the piece of paper, not necessarily by how much paper you have.
So, basically, He's using the term "inherent value" to mean "market value" and not intrinsic value, which is either lying, or simply incredibly misleading? Market value and Intrinsic value are not the same thing - Also, he doesn't say "Inherent value." He says "Don't get me wrong, the dollar and the euro and the yen might also be worthless, in that they have no intrinsic value like Gold..."
YOu're an insane fool if you don't think the entire global economy will move to Bitcoins over the next few years. I have seen many graphs, youtube videos, and Bitcoin forum posts that make this incredible obvious.
YOu're an insane fool if you don't think the entire global economy will move to Bitcoins over the next few years. I have seen many graphs, youtube videos, and Bitcoin forum posts that make this incredible obvious.
I would laugh, if I hadn't seen people making pretty much that argument.
The argument specifically for bitcoins is one thing, but silly hats and in-game items being something people trade on a stock market of sorts is going to be a thing for a long time (I think).
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And no don't start liking me anything.
Or am I missing HIS point?
Also, a lot of people don't know that scythes are farmer's tools.
Looks like System Shock 2 is coming to Good Old Games tomorrow. That's pretty fucking sweet.
This can apply to a lot of things but I'll just be subtle about it.
It's the fro.
Err, aren't bitcoins incredibly unstable? I recall bitcoins crashing at least six times in the last two years.
And doesn't gold not actually have an inherent value, aside from it's industrial usefulness, at least, no more than bitcoins do - ie, unless you're going to use it to make something, it's essentially worthless until someone agrees with you that it's worth X amount of dollars?
The bout in June 2011 was the result of a hack. Other than that it looks pretty stable to me, but I'm no financial expert.
As for the thing about "inherent value": The way you use it basically says that absolutely nothing has inherent value because everything is worthless until you do something worthwhile with it or transform it into something worthwhile. The way the guy in the video uses "inherent value" in my opinion is that currency is just a number that is stored somewhere. Either written on a piece of paper or stored in some database for your bank, etc. The value is set by the number on the piece of paper, not necessarily by how much paper you have.
Also, looking at that, I'm seeing big daily swings up and down. It also seems to show that after that hack, the only time It'd actually made any decent gains is this year. Seriously, looking at the chart you provided, I can pretty fucking clearly tell that the value of the currency isn't stable relative to what you're buying with it. In fact, at it's most stable, if you look at the same data with volume included, is when people were trading very, very little. Also, looking at it with volume included - When trade goes up, value falls out. When trade goes down, most of the time it stabilizes and starts to climb a bit.
Finally - Look at the spike around that hack. Within, you see one of the inherent problems of Bitcoins - Bank runs. When something goes wrong, the currency spikes hard downward. A big enough hit will kill it, and this is not a problem that can be eliminated, because it's inherent to the way bitcoin works.
Also consider - A currency based around objects that are valuable because of their scarcity, objects that can't be faked, those units being used after a fashion as currency, sound familiar? It should - Bitcoins are essentially the same as the Gold standard. Yes, It's a set of theories within economics called intrinsic value theory, or objective value theory. Admittedly, I'm excluding production cost - as you don't really produce gold so much as find it, and plus, even with the price of getting it out of wherever you're finding it included it's really not terribly valuable.
Aside from that, the price of gold - which is what many think is the intrinsic value, but really isn't - is now extremely divorced from the mining cost, and is mostly based on buyers and sellers rather than production. It's intrinsic value including production cost has actually been slowly dropping, as mining techniques and technology improve, and it becomes cheaper and easier to get larger quantities of the stuff from various sources from mining to shit. Literally, shit. Japan has a sewage plant that produces more gold per ton than some of the world's most productive mines. So, basically, He's using the term "inherent value" to mean "market value" and not intrinsic value, which is either lying, or simply incredibly misleading? Market value and Intrinsic value are not the same thing - Also, he doesn't say "Inherent value." He says "Don't get me wrong, the dollar and the euro and the yen might also be worthless, in that they have no intrinsic value like Gold..."