True News: Bitcoin, Free Markets and Economics 101

Why we would be better off without seat belts -- everything in the free market balances out, Bitcoin versus Gold is just one example. Freedomain Radio Bitcoin donations: 12ULDenDFFuURAMPzzgKMXh7gbEJ6Ms9iY

Category:

Education

Tags:

• bitcoin
• free
• market
• economics
• Econ
• traffic
• safety
• seatbelts
• philosophy
• gold
• standard
• fractional
• reserve
• banking

[Tallaias]

@qtutoringhelps

i would say that gold is valuable to any advanced form of life that may be out there, so it doesn't just depend on humans existing. maybe intrinsic isn't the best word, but my main point was that he was wrong to call gold an arbitrary value.

[stevenwagner]

The hard assets part doesnt make much sense. How would one even go about trying to back bitcions with hard assets? There is no central authority who could even back it.

[Coinabul]

Enjoy a 5% discount on your bitcoin to gold purchases with the code BETALUVDISC5

[floresluis02]

we need a new economy, one that does not only take costs and profits, demand and supply, into account

[floresluis02]

YES! we need to take it all into account. thank you for mentioning that. and about that.. what is it that drives all free markets?? competition. lower costs and adjust price for maximum profit. lowering cost -> ignore environmental efficient methods of production.. exploit workers, hours and pay... and make them live in the polluted communities you create, while you enjoy your life in the nice "pollution free" areas. yeah. free markets all balance themselves out.

[SaroDarksbane]

@OhManTFE If someone were to crack the SHA-256 algorithm (unlikely), bitcoins would be in a bad state. However, other attacks on the system are prevented by the very distributed computing work that miners do to earn their coins.

[SaroDarksbane]

@SuperMarcBot First adopters have an advantage exactly once. Contrast this to our current system where the people at the top have the same advantage, except forever. Second, nothing has inherent value. The value of an item is what someone else will trade for it, no more, no less. If someone believes that bitcoins have properties that make them useful or superior when compared to other currencies, then they have value to that person.

[dlpirl]

Bitcoin is NOT without mining cost. But great points about costs of gold reserve banking increasing the cost of gold. The same thing is true for all commodity backed currencies. One thing you didn't cover is how fractional reserve banking is used by mega bankers to create booms and bust which they use to buy up the world and make us their slaves. That's NOT a free market IMO.

I like what Bill Still says "in order for a currency to be in the public good, it must be worthless" or close to it A

[luther349]

@collector842002 the goverment does not like compeating currency. and if it was some guy printing his own money he would be in jail or dead by now.