Selgin defines commodity money to be, for example, gold that arises as units of settlement between major banks. I've always argued bitcoin will arise to serve as this effectively replacing gold (or SDR's the IMF uses etc.). submitted by
Selgin also notes that as the money tends towards ideal supply through a naturally approached equilibrium process less of the actual commodity is needed and thus it is freed up for other uses.
Gold might be then used for space equipment etc.
But there is seemingly no need or want to structure bitcoin to do this.
What would it matter if the participating banks used 21 million bitcoins or 1 million bitcoins or 500 bitcoins and the rest were used for other purposes other than settlement?
It would also necessary effect the price/value of a bitcoin which is counterproductive to a stable unit of value.
What is also interesting is if we consider this argument then bitcoin is really nothing new in regard to a settlement system, its simply the commodity money Selgin describes.
But the blockchain provides tamper proof security which is a residue left over from the process. It's what is really the new technology and yet it doesn't really add to the utility of bitcoins.
Bit redditors are complaining that Amir Taaki is a childish rep of bitcoin and needs someone more corporate, like Erik Voorhees or Trace Mayer however stop complaining on reddit and do your part.
The bit coin needs good PR and good publicity and more importantly positive Media Representation especially in Western Media.
Understand the trends.
Since bitcoin prices have skyrocketed from $30 upwards. Media agencies such as BBC, CNN have stopped reporting factual events in bitcoin such as the bitcoinica and mtgox hacks earlier to taking an editorial stance for or against it. Most outlets and newspapers have not done their research properly which shows how rushed and sensationalised journalism has become.
Tech and Business news have started to output their views also on bitcoin also highlighting inaccurate events and publicizing weaknesses such as Hacks, Bubbles and laughable bearish views. The Tech news outlets have been pretty favourable and business outlets pragmatically harsher.
News Agencies and Newspapers have hierarchies and therefore their editorial output is determined in a meeting even if the journalist is doing an independent piece as it still have to be editorially approved.
So quite simply if Media proprietors, newspaper and magazine editors and journalists and news anchors actually had bitcoins in their wallets, like the tech journalists have, hence why they are favourable to it, they would naturally promote bitcoins similar to how Goldman Sachs promotes the assets or derivatives they are long on. Most here are long on bitcoin so you need to make sure that Media proprietors, editors and journalists have bitcoins. This includes News Agencies, Newspapers and Magazines and Tech and business news outlets also. In addition to politicians and regulators. Find out everyone connected and send them bitcoins to get them connected. Clearly aimed at early adopters since the new guys cant send out bitcoins that they had to pay large amounts for. It may sounds ridiculous to send relatively affluent people in society bitcoins however the long term aim fully justifies this and I hope most of you read this over again if you do not understand this. These people promote their bias and interest directly and indirectly and still can appear neutral and professional. Get these guys to do our Marketing and PR without paying a PR agency millions of dollars. Just send them a few coins.
Remember Wordpress, Reddit, Mega, 9Flats, Expensify,
Of course a legitimate currency has to be used for illegitimate human vices such as Drugs, Sex, porn prostitution and Gambling.
But Food & Drink, Clothing and Shelter need to be purchased with bitcoin for it to fully function.
So contact or even flood them on email or twitter.
BBC, CNN, Reuters, AP, AFP, AlJazeera, CBS, ABC, Fox, NBC, New York Times, USA Today and Gannett, LA times and Tribune, MediaNews Group, Daily News, Sun-Times, Hearst Corp, Washington Post, Associated Newspapers, News International, GMG, TMG and Press Holdings, Bloomberg, FT and Economist, Tech like Verge, Arstechnica, Wired, TC, BGR, GigaOM, VB, Mashable, Media proprietors, CEO, Chairman, CIO, CTO, CFO, Editors, and Journalists, Also your politicians Senators, Reps and MPs, and Regulators like FinCen and others in US/EU. and finance commentators, strategists and economists - since they put out their views regularly to sheep that follow their every word even if they lie.
No point commenting this guy and that girl gave a negative view or that newspaper or blog is biased. Do something.
Bloomberg correspondent Sara Eisen, Convergex Group Chief market Strategist Nick Colas , Eurasia Group President Ian Bremmer, Societe Generale Senior Forex Strategist Sebastien Galy, Bob Rice, general managing partner with Tangent Capital Partners LLC, UBS stockbroker Art Cashin, Reuters claim Morgan Stanley and Goldman Sachs traders visiting mtgox Mastercard are watching, Steve Hanke, http://economics.wustl.edu/people/stephen_williamson
, Scott Sumner, Tyler Cowen, George Selgin, Paul Krugman, Benjamin M. Friedman, http://econ.williams.edu/people/knk1
, Lawrence H. White, Russ Roberts. Paypal is watching, Media Proprietors will call short now but then... Let their greed enable us.
The greed is unbelievable. http://techcrunch.com/2013/04/05/why-do-vcs-care-about-bitcoin/
Monetary economist George Selgin agrees with Bob on the flaws with MMT, but then the two continue their debate (started at the Soho Forum) on fractional reserve free banking. The episode also includes George’s background and thoughts on Bitcoin. Additionally, Selgin pointed to bitcoin’s volatility in price, sometimes high transaction fees, and slow settlement as other reasons your average Joe isn’t flocking to bitcoin – and probably ... Bitcoin är globala, digitala och neutrala pengar. Vi förklarar precis vad det innebär, hur du skaffar en plånbok och hur du köper dina första bitcoin. George Selgin and Saifedean Ammous have a lively Oxford Style debate on the resolution that Bitcoin is Poorly Suited to the Purpose of Becoming Any Nation’s Main Medium of Exchange Selgin [14, Selgin (2013)] argues in favor of bitcoin’s superficial resemblance to precious metals. [4, Dyhrberg (2015)] explores this question further by examining the financial asset capabilities of bitcoin using a GARCH model. It is important to classify the asset class that bitcoin belongs to in order to further understand its role in the financial markets for its risk management and ...
Bitcoin Cryptocurrency Crash Course with Andreas Antonopoulos - Jefferson Club Dinner Meetup - Duration: 1:12:22. Jefferson Club Silicon Valley 193,105 views 1:12:22 The Economics and Price of Bitcoin, ICO's, and Cryptocurrencies Wall Street Analyst Gil Luria ... George Selgin - Duration: 59:13. Hidden Forces 2,966 views. 59:13. Gillian Tett Wartime ... Whales have been selling Bitcoin throughout the weekend, from October 22 onwards. Despite the heightened number of sellers in the market, the dominant crypto... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.