General Bitcoin discussion thread (June 2011)

SilasBarta

We've started a habit of creating periodic Bitcoin threads to confine discussion thereof to those threads and prevent excessive proliferation of Bitcoin topics in the discussion section. Here is a link to the last one, which links the other discussions. Lot's to talk about, and another bounce in Bitcoin's value (up to 33 then down to 24), so share your links and thoughts!

Can you expand? Here's the difference as I see it:

Price index: the dollar is worth 5% less than last year because it buys 5% less of the stuff in this market basket, populated with stuff representative of the "cost of living"
Gold standard: the dollar is worth 5% less than last year because it buys 5% less gold

Which is more or less useful, and why?

Depending on the context, either concept can be anything from useful to deeply misleading. However, in contrast to the (mis-)use of price indexes in mainstream economics, the goldbug obsessions can always be countered by simply pointing out that gold is not an end-all. Therefore, while there will always be goldbugs immune to rational argument, their ideas are unlikely to become a basis for elaborate, sophisticated-looking, and academically accredited pseudoscience.

In contrast, the concept of "real" values in mainstream economics typically degene... (read more)

6

General Bitcoin discussion thread (June 2011)

6

6

6

General Bitcoin discussion thread (June 2011)

6

6