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Steve Forbes: Bitcoin Not Money
MouseTheLuckyDog writes "A brief editorial by Steve Forbes, one of our moneymeisters, on why bitcoins are not money.. Hint: For those who are too lazy to read the opinion,. Bitcoins are too volatile to be money."
From the article: "Money is most optimal when it is fixed in value just as commerce is facilitated when we have fixed weights and measures. When you buy a pound of hamburger you expect to get 16 ounces of meat. An hour has 60 minutes. A mile has 5280 feet. These measurements don’t 'float.' So too money best lubricates commerce when it has a fixed value."
The value of one U.S. dollar is exactaly one U.S. dollar. The value doesn't change, how much you can buy with it however, does change.
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1) First they ignore you
2) Then the laugh at you
3) Then they fight you
4) Profit!
I like to visualize value in relation to ground beef. Like, I get paid about 6 1/2 lbs of ground beef an hour (before beef tax). I filled up my car with 14 pounds of ground beef. (One gallon of gas is running around the price of one pound of ground beef-- at least the good stuff.) I currently have about two tons of ground beef in student loans.
I'm all for martial arts metaphors when possible, but this is fucking ridiculous.
The value of one bitcoin is exactly one bitcoin. The value doesn't change, how much you can buy with it however, does change.
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He said "too volatile." Not that it doesn't change but it doesn't swing in value as much.
Oh, who am I fooling? This is Slashdot. The morons here are either super-literal or undeniably obtuse... to the point that they're a mockery of themselves. And they wonder why people in the real world find them awkward to deal with.
Just wait until we get to the mixed martial arts metaphors.
Patience is a virtue, but haste is my life.
Definition is something I look for when thinking about increasing the population.
" Steve never made it to president, so that should tell you he's not quite as clever as he thinks"
Because Republican primary voters nominate only the brightest intellectuals.