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A comment on Buffett bashes Bitcoin as nonproductive, thriving on mystique. Parent comment

Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by coralreef on Tuesday May 08, 2018 @12:47AM (#17018888)
Not sure what you mean by "what makes them equal".

It is a supply and demand curve. Where they meet is the equilibrium. https://en.wikipedia.org/wiki/Supply_and_demand

Fractional reserve banking doesn't work with Bitcoin, unless you somehow trust a centralized party to always honor your withdrawal, or the coins never leave that internal system. Many exchanges could theoretically be running fractional reserve operations. But they are just risking themselves because once a rumour gets out, a bank run will occur and they will be exposed. Once you withdraw your coins from this trusted system, it is accounted for on the blockchain.

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Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by strypey on Wednesday May 09, 2018 @12:56PM (#17031434)
> It is a supply and demand curve. Where they meet is the equilibrium.

Academic economists like Steve Keen have totally demolished the classic supply/demand curve: https://unlearningeconomics.wordpress.com/2012/06/25/debunki...

Here's a suitably scornful graphical version: https://www.youtube.com/watch?v=Y3wUqcapSU4

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Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by boomlinde on Tuesday May 08, 2018 @02:04AM (#17019136)
> Where they meet is the equilibrium.

You're not answering the question, just tautologically rephrasing it.

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