Libertarians and Millennials Are Going Crazy Over Bitcoin: What Are They?

Economy • January 2014 • Views: 787

Bitcoin is a private currency that is not backed by any government, central bank or organization. It’s completely decentralized. This video offers more details on how this works. We have seen the cost of Bitcoins in dollars rise from a few cents to values of $1,200. Much of the reason for the rise is that people trust Bitcoin more than many government-backed currencies.

Bitcoins are being used all over the world. Anyone can send Bitcoins to anyone, anywhere with one of the lowest transactions costs on the planet compared to government backed currency. These low transactions costs make doing business with Bitcoins more affordable, convenient and secure, three factors that young people highly value.

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4 comments

Kragar Fri, Jan 10, 2014 12:21:26pm

So much for the gold standard.

BusyMonster Fri, Jan 10, 2014 12:33:22pm

re: #1 Kragar

So much for the gold standard.

I spotted the wonderful XKCD chart, a couple of years back, which had relative proportions of all the money we talk about all the time.

The amount of gold in the world is so tiny, compared to the amount of money, that I do not see how a “gold standard” could be maintained. There’s not even enough gold, ever, anywhere, to properly represent one year of GDP in the American economy. It’s like $9T, and that is it.

So mention this to a goldbug and it’s hilarious. Stand back and watch every sternly-declared principle of theirs fall apart under the relentless weight of reality. No, dumbucks, it is not possible to standardize your economy on gold when your yearly economic activity is almost one and a half times the value of all the gold ever mined anywhere.

Also, funny, is that it won’t be long at all before gold can simply be printed. Diamonds already are easily synthesized and I expect despite all the whining and tearing of hair of the DeBeers cartel, that in another decade you will be able to make a snappy diamond ring with nothing more than a printer and a 3-d model in a computer.

Back to whatever this is about: I don’t expect bitcoin to yet take over for real money. Wait until there’s a giant collapse and millions of dollars disappear. Who will be responsible?

EPR-radar Fri, Jan 10, 2014 2:21:36pm

re: #2 BusyMonster

…

Also, funny, is that it won’t be long at all before gold can simply be printed. Diamonds already are easily synthesized and I expect despite all the whining and tearing of hair of the DeBeers cartel, that in another decade you will be able to make a snappy diamond ring with nothing more than a printer and a 3-d model in a computer.

…

One small technical point. To make a diamond, all that is needed is to rearrange carbon atoms into a different configuration (e.g., change graphite to diamond under pressure).

Making gold will never be as easy as making diamonds. The only way to “make” gold is to transmute other elements into gold. This can be done, but the cost in energy is completely prohibitive, and this cost is most unlikely to change.

FemNaziBitch Sun, Jan 12, 2014 9:53:46am

re: #3 EPR-radar

One small technical point. To make a diamond, all that is needed is to rearrange carbon atoms into a different configuration (e.g., change graphite to diamond under pressure).

Making gold will never be as easy as making diamonds. The only way to “make” gold is to transmute other elements into gold. This can be done, but the cost in energy is completely prohibitive, and this cost is most unlikely to change.

Alchemy!

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