Wednesday, January 14, 2015

A Look Back at Bitcoin Fanboy Commentary

Comments left here at EPJ as I warned about the bubble nature of Bitcoin -RW:

For a bunch of free maket antistatists, this site seems to attract people with more faith in the abilities of the State than in the market.
Bitcoin is a market force. You're free to participate or not. The coercion of the State will only drive the value of Bitcoin up and make us bitcoin holders richer. I'd prefer a slower rise in price based on consent but if people keep calling for the thunder to come down, so be it.
Bitcoin exchanges will open in countries where US law doesn't reach. I'll be dumping my dollars for whatever currency I can turn into bitcoins most easily.
This is how the dollar dies, not Bitcoin.

 AnonymousNovember 18, 2013 at 11:12 PM
Hahah, do you realize how much of a fool you sound like Robert? At what point do you recognize you have egg on your face? Oh that's right, there is no point you can ever recognize you were wrong because your understanding of bitcoin is essentially religious. You're a typical gold bug who says things like gold has "intrinsic" value, like a total ignoramus of subjective value theory. And what I think is happening is a sad form of penis envy. The price of gold is in the shitter and all the people you told to buy it have lost big for over 2 years. While all the people you mocked for buying bitcoin are getting rich.
As the kids these days say: LOL@you

At Bitcoin $744.00  Honey BadgerDecember 7, 2013 at 1:06 AM
Yes, we go through one of these "crashes" every few months or so only to rise to a higher level soon after. I've been through a half-dozen of these already. What's nice is I get to pick up cheap coins on the pullbacks.

Bitcoin has reached parity with an ounce of gold twice now and we still have a lot more network effect to go and there are billions on the planet that still have to learn the benefits of bitcoin. I bet you can't send 5g of gold over the Internet to pay for goods or services. I can sure do that with bitcoin, and never have to worry about counter party risk for transport.
In my book, bitcoin has already succeeded. I can store, protect and spend my capital much easier than I ever could with bullion. 

 douglasMarch 24, 2014 at 4:02 PM
Obviously market participants want bitcoins. The fact that people will pay over $500 for one shows that individuals want them. All value is subjective so there is no legitimate way to explain away this demand as misguided or deluded. Governments, regulators, elites, interests vested in our fiat system, all hate bitcoin and seek to destroy it - but left to their own free market part

This Libertarian loves Bitcoin - because I understand it.

 AnonymousMay 22, 2014 at 5:32 PM
Wenzel is the clearing house for the stupidest comments ever written about bitcoin.

 Libertarian NewsJune 6, 2014 at 2:21 AM
I think people who make statements about "speculation" on bitcoins don't really understand what they are talking about.

For example, I if I buy and hold copper because I think the price is going to go up, am I speculating? Perhaps I am; however, the supply side of copper could change for all sorts of reasons. Let's say the price does go up, which spurs more production. At this point, real resources are being diverted into copper production and more copper will result from this. Then there is the whole demand side to the equation where someone could create some new invention that everyone must have that utilizes a ton of copper.

NONE OF THAT EXISTS WITH BITCOIN

There are no supply side fluctuations, and there are no demand side uses that burn bitcoins. When people buy them and hold them, the price goes up. Even if no one were to buy anything with them, the price would go up and stay up because the supply side can't increase in proportion to demand.

This is kindergarten simple stuff here. I can't believe so many people are having such a hard time comprehending this.
 AnonymousFebruary 16, 2014 at 10:27 AM
Wenzel is so obsessed. He posts the price more often than I check. If a man posted this often about homosexuality in the news, what would you think about him?

9 comments:

  1. You got this right wenzel, as well as many others you state on the ALERT; however, I'm still waiting for the price inflation to kick in. Hoppe explains, and you have mentioned, that consumers desire to hold cash keeps inflation subdue. My biggest concern is how to play the current market. Should I go half mainstream and half Wenzel/Contrarian/Austrian?

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    1. My enduring question on price inflation is simple. If people don't have cash, and from the numbers here and elsewhere it appears that most americans don't, how will prices rise? There is more employment but indicators are these are largely jobs that just allow people to scrape by.
      The vast increase in money supply seems to be concentrated with banks holding reserves and others close to the fed money tap spending it on NYC real estate and speculating in Si Valley which in turn gets spent on real estate there.

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  2. don't think we have seen those guys here in a while.....

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  3. Does Krugman have a son living in his basement?

    AnonymousNovember 18, 2013 at 11:12 PM

    Hahah, do you realize how much of a fool you sound like Robert? At what point do you recognize you have egg on your face? Oh that's right, there is no point you can ever recognize you were wrong because your understanding of bitcoin is essentially religious. You're a typical gold bug who says things like gold has "intrinsic" value, like a total ignoramus of subjective value theory. And what I think is happening is a sad form of penis envy. The price of gold is in the shitter and all the people you told to buy it have lost big for over 2 years. While all the people you mocked for buying bitcoin are getting rich.

    As the kids these days say: LOL@you

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  4. I remember some of those comments. When Gary North derided Bit Coin that was good enough for me.

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  5. RW, still waiting for you to define "near future." Seems like you intentionally used a squishy term so if the price does rise you can claim to be right because the rise was not in the "near future."


    Man up.

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  6. I haz bitcoin. Who wants?

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  7. I always wondered how easily it could be displaced by a new digital currency.

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  8. Thanks for this trip down memory lane. I was wondering what happened to all the Bitcoin fanboys who used to comment on every post. Just the sound of crickets now after every Bitcoin post.

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