Don't Buy Bitcoins, Part 2

For more information against bitcoin see: http://vforvoluntary.com/bitcoin

Part 1:
http://www.youtube.com/watch?v=DoK8HXMSsNg

The Economics of Legal Tender Laws (by Jorg Guido Hulsmann, 2005):
http://mises.org/media/1521

LUDWIG VON MISES INSTITUTE - CREATIVE COMMONS ATTRIBUTION 3.0

Category:

Education

Tags:

• bitcoin
• pyramid
• scam
• do
• not
• buy
• gullible
• gold
• dollar
• fiat

[penihop]

this guy is really hypnotizing, what MIC are you using?

[Nielsio]

@penihop Hi penihop,

I'm using an Audio-Technica AT2020 USB, at 66% amplification.

[patrickcorliss]

naah, you'd only get a banana for an orange -- not a mango.

[davyjames]

@FreedomAtRisk Not a good argument. Every bubble is a good investment until it bursts lol. I'm not sure whether I agree with Nielsio or not (it's too complicated to get my head around) but I know enough about outcome orientated thinking to know your comment shouldn't have five thumbs up.

[santaflash]

adoreable :)

[at10desu]

... and you can't make bad predictions in the stock market/investments ?

[jaisgossman]

i can't eat very much gold before I get sick...

[zombieturtle01]

@penihop Indeed he has a very rhythmic tone when speaking.

[can1neperson]

Gold costs about 30 times as much as the equivalent amount of copper. I don't think gold's physical properties are where its value comes from.

[TomFromEntropia]

I'm allergic to Bitcoins. Uh-oh!

[kxmode]

@patrickcorliss "No. You cannot hava the mango!"

[SteamyThePunk]

@davyjames The problem is that everyone is viewing bitcoins as a currency when they should realize that it's not, it's exactly what you just said, it's an investment opportunity that will eventually bust. The reason it is inevitable is because bitcoins are only powered by supply and demand, that's it.

[vidbid1]

@daefboy You wouldn't say he was boring? I really don't understand why you could say something like that unless the points he made were interesting to you. However, to me, I just didn't find his points interesting at all. They were entirely boring to me. Not only were his points boring, the way he delivered his points was also entirely boring to me. Now, I just expressed my opinion which is my truth. You don't have to buy them, I made my Bitcoins not by buying them but by selling stuff for them.

[daefboy]

@vidbid1 I wouldn't say that he's boring. He has some good points, but I disagree with the consequences of his arguments. I have a different view on this.

[Polkm212]

Ultimately the bitcoin is backed up by the electrical and maintenance cost required to mine them.

[patrickcorliss]

@ITILII

Because I'm a "Pommie" living in Australia?

[ITILII]

@patrickcorliss how bout a pomegranate

[vidbid1]

What does all this talk about apples and oranges has to do with Bitcoin currency? Then he talks about gold. Blah, blah, blah. Then he talks about dollars. He suggests that dollars are backed up by something. Dollars are backed up by absolutely nothing. His monologue is boring, long-winded, and tedious. I had to slap myself the entire time to keep myself awake while he spoke. It was just so boring. Who gives a rat's ass about legal tender laws?—like any of us are going to obey legal tender laws.

[sofiasmartis]

still not mentioning the unique features that could make bitcoin desirable:

the ability to be traded fast, cheap and securely.

you cannot do that with gold, you cannot even do it with state fiat shit.

how would you pay a chinese disident group? paypal? yeah, right…

sure, one could imagine 'backed' forms electronic money, especially short-lived energy certificates.

if bitcoin encounters a sufficiently better competitor, it will die out.

but so far, that hasn't happened.

[ronwandell]

Wow I wish I had more time to explain I need to make a video.

First of all I loved your "How and Econ grows.." video of the Irwin Schiff book.

But there is a flaw in this thinking. I trade gold coins because they are useful for (lets keep it simple) two things, jewelry and trading. TRADING is a use that is just as valid as the other use. Part of the $1200 troy ounce price is because of the demand for jewelry (very little) and some of the price is due to the demand for trade. 

[bitbutter]

@XOmniverse People value BTC because it's useful too. It's convenient to make international transactions with zero charge, and without the possibility of an account freeze. BTC is very useful as a medium of exchange.

Gold's value today derives primarily form the fact that ppl expect others to accept it in trade. Non-trade uses of gold are irrelevant for the vast majority. These uses are assurance that gold will always have a minimum price. This isn't a necessary quality of money though.

[penihop]

@Nielsio great quality!!! you shall make hypnosis videos :P

[Porthbot]

So the first video gets 57,000+ views, but yet part two only has 1,110 views. The lengths people will go to defame a perfectly legit critique of their math money.

[deranjer]

@rbairos1 By definition, he is incorrect in his example. That is NOT money laundering. Money laundering is taking illegal money and making it legal, not taking legal tender and making it "illegal" (in his opinion).

[XOmniverse]

@rbairos1 I think you're making a mistaken assumption. I doubt he opposes money laundering; he's an anarchist.

[rbairos1]

@XOmniverse Because it leads me to think his analysis of bitcoins was biased. #1. The gold standard was dropped decades ago. #2 The advantage of a violently-enforced state backing is also packaged with a continuous devaluing #3 The snipe about money laundering also applies to golden coins or trading oranges.

[XOmniverse]

@rbairos1 Why does it matter that he wasn't? I don't think he was being deceptive.