Re:Bitcoin exchange rate reached $100 USD per BTC
by phillmv on Monday April 01, 2013 @02:17PM
(#5474848)
Property rights are a fiction invented and enforced by society. Therefore, it's not inappropriate for society to occasionally have opinions on how property should work.
Some of the ways people handle their property is detrimental to society. If enough people do it, hoarding capital is one of them.
Re:Bitcoin exchange rate reached $100 USD per BTC
by oleganza on Monday April 01, 2013 @05:27PM
(#5476029)
You did not answer my questions regarding hoarding. If you don't have an answer, how are you so sure about moral character of "hoarding"?
Re:Bitcoin exchange rate reached $100 USD per BTC
by sirclueless on Monday April 01, 2013 @07:46PM
(#5476706)
Re: 3. The deflationary spiral doesn't end in a whole bunch of people dying of hunger, exactly, it ends with them all starting their own subsistence farms rather than spending on food, and making their own clothing rather than buying pre-made. Basically it retards progress, sends people back into the dark ages where they have to fend for themselves. I can't imagine a country ever allowing that to happen, so you had better believe that they wouldn't allow something as deflationary as bitcoin to become the de-facto currency. When you need a loan, the banks will be giving you something other than bitcoins. So I don't worry too much about this particular dystopia, it will never come about.
2. Why take credit for business if you can save your own earned money which appreciates over time and have 100% stake at your own project?
3. How deflationary spiral is supposed to happen? Will people be paralyzed and dead of hunger and thirst holding their precious coins? Or they will trade with each other to get stuff done?