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Anti-Bitcoin economics teacher picks wrong person to argue with (overclock.net)

r0achfromtheinternet が 投稿

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[–]paperraincoat [スコア非表示]  (4子コメント)

Ha. I've noticed - people get very uncomfortable when you tell them that no currency, or anything, has 'intrinsic value'. The expression is something like 'wait... I've been working my entire life in exchange for money, the value of which is held together by a collective delusion?'

Reminds me of the Semmelweis Reflex - their brain just shuts off, they pretend they didn't hear you and go back to their day job, feeling warm and cozy as that bank account balance goes up.

[–]manWhoHasNoName [スコア非表示]  (3子コメント)

I think of it more like a collective ledger. Dollar bills are a unit in the country-wide ledger that is the USD. When you work, you are given a number of "value units" as compensation, which collectively we agree constitute value.

It's not a delusion unless all value is a delusion.

[–]paperraincoat [スコア非表示]  (2子コメント)

It's not a delusion unless all value is a delusion.

Hmm, delusion might not be the right word. It just seems so fragile though - the average lifespan of a government currency is 27 years.

I mean the people of Zimbabwe didn't collectively agree to 13,000% yearly inflation.

[–]manWhoHasNoName [スコア非表示]  (1子コメント)

In Zimbabwe's situation, the people agreed that the government was going crazy. Collectively, they rejected the money because the government abused it.

[–]paperraincoat [スコア非表示]  (0子コメント)

Collectively, they rejected the money because the government abused it.

Yeah, that's true. In the process though, an awful lot of people lost their life savings - the stored equivalent of years of hard work.

I know it's fashionable to pick on the Millennials for getting stupid degrees, being unemployed, living at home, not having savings etc, but I'm starting to think they've got the right idea - they're just opting out of a system that's absurdly stacked against them.

[–]masamunexs [スコア非表示]  (6子コメント)

uhhh...

As stated earlier, both gold and Bitcoin offer an economic Nash equilibrium for trade between individuals or nations since they can both be acquired on generally all continents (bitcoin is an open entropy system) and nobody really has a monopoly on them.

His use of the term economic Nash equilibrium shows this guy has no idea wtf he is talking about. Exactly how does bitcoin or gold "offer an equilibrium". The use of the words in that context doesn't make sense at all.

I don't know what the "economics" teacher said, but this guy's rebuttal is more about making claims without facts, and trying to use economic phrases (incorrectly) to seem credible.

edit: I also realized its the actual poster himself, posting this to the subreddit in the third person... wow.

[–]magasilverredditor for 12 days [スコア非表示]  (3子コメント)

xactly how does bitcoin or gold "offer an equilibrium". The use of the words in that context doesn't make sense at all.

It sounds he is saying it is a more stable mutual choice for trade facilitation, even if it is not intuitive why.

He could have worded it differently, but the intent at least is clear, imo.

[–]masamunexs [スコア非表示]  (2子コメント)

How exactly do you draw that from what he said? It isn't even coherent enough to have a point. The econometric supply and demand is fungible in Bitcoin. Totally.

[–]magasilverredditor for 12 days [スコア非表示]  (1子コメント)

How exactly do you draw that from what he said?

Not that hard... he is certainly padding in unnecessary jargon, and the phrasing is a bit tortured. But the idiomatic usage is obvious. Its easy to criticize the prose, but why dont we focus on the content instead.

I also see it is likely that bitcoin offers certain advantages for international trade, specifically erasing the need for foreign reserves bootstrapping and allowing direct decentralized settlement between trade partners. I do suspect a disruptive change is coming.

[–]masamunexs [スコア非表示]  (0子コメント)

foreign reserve management is one of the primary benefits of having multi currency foreign trade... why do you think the EU is in the mess it is right now?

If anything the world is moving away from the idea of a universal unit of trade

Also youre not padding your words with jargon if youre not using the words correctly, it just means you dont understand what youre talking about.

[–]toddler361 [スコア非表示]  (1子コメント)

Agreed, his use of the concept of NE is sloppy, but still, what he says makes a lot of sense. I guess he is just not a math guy but has a good intuitive understanding of things and can think outside the box.

[–]masamunexs [スコア非表示]  (0子コメント)

Intuition is how people draw conclusions without facts and is why confirmation bias is such a pervasive issue. "It sounds like it makes sense" is the basis for how most forms of factual incorrectness and ignorance are spread. If you make a claim you should be able to prove it, and if you can't then being overly confident youre right is blind arrogance.

[–]ZionCluster [スコア非表示]  (0子コメント)

Damn that guy got fucked. He clearly thinks he knows things. How funny.

[–]btc-7 [スコア非表示]  (0子コメント)

"Looks better than the dollar!"

Dang!!!

[–]Rassah [スコア非表示]  (1子コメント)

How many here had that awkward experience when you realize you are smarter than Paul Krugman and other economists worshipped in the media?

[–]sQtWLgK [スコア非表示]  (0子コメント)

Look, me too I criticized him here because of his stubbornness.

That said, I think he is probably much smarter than anyone here, and I respect much his Nobel prize (even if it is not a real Nobel prize).

His criticism on Bitcoin is sound (for Bitcoin to become money it would need to be valuable before, which is a chicken-or-the-egg problem), and it is ultimately related to the subjective theory of value. I guess that this is why non-Austrians, like Krugman, do not get it.