Re: Buying Bitcoins in China

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Avatar photoRick in China


Don’t get me wrong – I find bitcoins extremely interesting. I’ve mined a little in the past and follow the technology – and I also HATE the way currency (namely USD :D) works. I’ve read a lot about lassaiz-fair economics mostly books/articles related to the austrian school of economics (ludwig von mises ish), my best friend basically passes down what he finds interesting material and we discuss..he’s obsessed with getting away from the dollar standard. One of the first was “The Creature From Jekyll Island”, good read if you’re interested in the fed from anti-fed reserve perspectives. That being said, while bitcoins meets a lot of free market economic standards as a functional currency (ie. decentralized, finite, can create very fractioned units for ease of use, etc) I don’t know that it’s the end all by any means..mostly because currency requires buy-in by the markets to actually work. Everything you want to be able to buy needs to be able to be bought. Bitcoins face massive risk if they grow significantly, mostly because govts and banks don’t like society f’ing with their financial control.

Where currency will be in 10, 20, 40 years.. who knows. I’d like to think it will be more _like_ bitcoins, but I don’t see the masses buying into it any time soon. There’s too much unknown about it, there’s no hard-currency backing which is dangerous, and the masses just will not get the technology OR economic theory as to why it’s a good solution..and without the masses, it’s not feasible as a standard.