tag:blogger.com,1999:blog-3758330678390419129.post3387120122643868182..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: Jamie Dimon Let's It Rip: Bitcoin is a FraudRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-3758330678390419129.post-74698070333505689902017-09-15T20:50:36.745-04:002017-09-15T20:50:36.745-04:00Idiot, just because you do not know anyone doesn&#...Idiot, just because you do not know anyone doesn't mean they don't exist. "when factors of production are priced in ...." idiot, no one defines money that way except you.valley sapienhttps://www.blogger.com/profile/02844269434344827884noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-70570927043066584472017-09-15T20:49:03.020-04:002017-09-15T20:49:03.020-04:00Ok idiot, money is the bubble that never bursts. Ok idiot, money is the bubble that never bursts. valley sapienhttps://www.blogger.com/profile/02844269434344827884noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-43519161618787724682017-09-14T22:15:11.904-04:002017-09-14T22:15:11.904-04:00John,
I do not know anyone who is paid in bitcoin...John,<br /><br />I do not know anyone who is paid in bitcoins in the US where their salary is not tied to the dollar. In other words, when Hippy Teas opened (say) three years ago and they agreed to pay 1 bitcoin per eight hour day. I am certain they are no longer paying that wage.<br /><br />Bitcoins are a fun diversion. And some folks have made (and recently lost) a lot of money trading them. Jim Fedakohttps://www.blogger.com/profile/17052806627314964160noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-58069344547856492582017-09-14T13:52:20.079-04:002017-09-14T13:52:20.079-04:00Mosin,
If in Bitcoin world, cyberspace, these coin...Mosin,<br />If in Bitcoin world, cyberspace, these coins and the platforms/services offered for exchange (the latte) require a bitcoin, how is bitcoin not the reserve currency in cyberspace. I realize you have to come back to earth to consume the latte, but all these coin offerings create a real demand for bitcoins, people want to hold/use them, yes they will want dollars at some point, for now. Johnhttps://www.blogger.com/profile/07002580942263192826noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-48595132564393816922017-09-14T12:41:54.841-04:002017-09-14T12:41:54.841-04:00John,
Nothing is priced independently in bitcoin...John, <br /><br />Nothing is priced independently in bitcoins. In other words, the latte priced in bitcoins changes with the dollar-to-bitcoin market. The price does not change due to a Cantillon effect, it changes to the real underlying currency (which remains the dollar in the Seattle cafe). In essence, bitcoin is the opposite of a reserve currency.Jim Fedakohttps://www.blogger.com/profile/17052806627314964160noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-9467870788993153542017-09-14T10:32:13.131-04:002017-09-14T10:32:13.131-04:00There are 800+ "currencies", not all of ...There are 800+ "currencies", not all of which are suppose to act for settling of transactions. Some are equivalent to shares in a new business. In order to buy any of these 800+ currencies you need to use Bitcoin or Ethereum. Does this not make Bitcoin a currency? Perhaps the reserve currency of the future?Johnhttps://www.blogger.com/profile/07002580942263192826noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-66562172863023892652017-09-13T20:55:18.656-04:002017-09-13T20:55:18.656-04:00Money represents the final settlement of a transac...Money represents the final settlement of a transaction, among other things, of course. When someone sells a good for bitcoins at the current exchange rate (minus costs, etc.) and then turns around and exchanges bitcoins for dollars. the dollar is the currency, not the bitcoin.<br /><br />Until factors of production are priced in bitcoins, it is false to call bitcoin a currency. In other words, Jim Fedakohttps://www.blogger.com/profile/17052806627314964160noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-50039272322915105122017-09-13T20:50:53.415-04:002017-09-13T20:50:53.415-04:00Exactly. He's not fooling anyone. If Bitcoin ...Exactly. He's not fooling anyone. If Bitcoin were really so worthless, he'd have no reason to come out so strong against it.Anonymoushttps://www.blogger.com/profile/11968441656658845395noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-67991985890979955532017-09-13T20:24:23.746-04:002017-09-13T20:24:23.746-04:00Probably relevant: JPMorgan filed patent for Bitco...Probably relevant: JPMorgan filed patent for Bitcoin-like digital payment system in 2013<br /><br />http://money.cnn.com/2013/12/10/technology/bitcoin-jpmorgan/index.html<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-82978865980534147562017-09-13T17:34:49.379-04:002017-09-13T17:34:49.379-04:00So he classifies bitcoin as "fraud" in c...So he classifies bitcoin as "fraud" in comparison to his beloved fiat currency which he says has "legal support." No explicit recognition that the legally supported currency erodes in value pretty much continuously through his sector's crony relationship with the Fed (in fact, Block, Hoppe, et al characterize the use of fiduciary media in the banking system as an instanceThe NAPsterhttps://www.blogger.com/profile/16631781625841157567noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-31789525326101938422017-09-13T17:13:15.496-04:002017-09-13T17:13:15.496-04:00The question with bitcoin is always, do you think ...The question with bitcoin is always, do you think it has a value as a currency? Is the price at its current point justified by its everyday use, or is the demand purely speculative? I looked at an SP chart, and it lags few months, but the rise in the stock exchange closely mirrors the rise in bitcoin, not in percentage terms but in movement and direction. The difference is that some of these Anonymoushttps://www.blogger.com/profile/12216903332794678762noreply@blogger.com