7 votes

So now that we have a few Bitcoin Billionares running around...

Can we get a few more millionaires? How about we start with me.

Will work for Bitcoins! :)

No, seriously I will.

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You can

offer your services for bitcoins in the exchange section of the bitcointalk.org forum:

https://bitcointalk.org/index.php?board=52.0

Can I buy a house or food with bitcoins?

or gas, or pay for the internet, buy a computer....?

Curious

Want to write financial content?

If you're a writer and know about economics and markets, contact me and I may be able to pay you for your content in bitcoin (or dollars if you prefer).

most bitcion sleights apply to gold

The notion that bitcoin can be 'inflated' by competing monies like litecoin and such, is no different than saying gold can be 'inflated' by competing money such as bitcoin.

Other competing money has nothing to do with the inflation in the economic sense we usually discuss.

Bitcoins great

In the sense that it is a currency produced by a free market which isn't centralized. Only thing is that no currency be it paper or gold can hide from inflation; if people all rush into bit coin it will inflate. Just like if people found an astronomical amount of gold, gold would inflate.

"if people all rush into bit

"if people all rush into bit coin it will inflate."

On the contrary, if people rush to bitcoin and the value skyrockets or increases as a result, that would be deflationary as the amount of bitcoins would remain the same.

If people found an astronimical amount of gold (and didn't manage to keep hold of all of it as diamond suppliers have done), then yes that would devalue gold

Ok

I get the sudden demand will increase prices but can you explain how it would deflationary. By you saying deflationary I'm assuming (yes ass out of you and me) that the amount of bit coins would be more scarce or start to lose value.

"The effects of deflation

"The effects of deflation are:

Decreasing nominal prices for goods and services
Increasing buying power of cash money and all assets denominated in cash terms
May decrease investment and lending if cash holdings are seen as preferable (aka hoarding)
Benefits recipients of fixed incomes"

Copied straight out of wikipedia... I'm sure the reliability of statements because of its source will be attacked, but that is another debate to be had.

By saying bitcoins would deflate I am stating yes the amount of bit coins would be scarce but no they would not lose value, they would in effect gain value because of the scarcity. With a hard cap at of 21 million bitcoins and 11 million currently in existence they cannot be easily produced in mass. The more the world adopts them, the more goods and services will be relying on a monetary system that overall has remained the same in terms of overall units. Thus, the increase of GDP in measures of bitcoins, thus the increase of the value of bitcoins, leading to deflation (less available coins), deflation of services as well as prices would continue to drop as they become more valuable.

Inflation and deflation are rather complicated concepts to grasp when comparing with monerary policy, I admit. I am no expert but have a keen interest in economics.

Ok thanks

I too have an interest in economics, imaging getting into the Von Mises school for a summer! Thanks for your input I'm always trying to learn new things.

I doubt a Bitcoin

I doubt a Bitcoin billionaires could find the liquidity to become an actual billionaire. At least for now.

Plenty of liquidity

The entire market cap of Bitcoin is a few Billion, so I'was being fasecoius in my post. However there is plent of liquidity in the exchanges for Bitcoin millionaires to cash out.

The Red Coats are coming!

It's a nice day out...

But I don't want to talk about that. Instead, let's talk about how right I was.

Any idea where the bulk of

Any idea where the bulk of the USD inflows are coming from?

Bitcoin is a bubble.

.

It would be a compliment to call BitCoin a bubble.

A "bubble" implies that there's something of value to overinflate. It's simply a pyramid scam.

Can there be bubble in the value of poker chips? Can they be over valued?

Nope. There's no value there to begin with.

Not a bubble

Bitcoin It is network backed by 9 billion in processing power. It creates value by disconnecting us from the money manipulators and leeches that reap horrendous fees.

No one is suggesting that you put your life savings in bitcoin. Put a few $100 and buy something from a Bitcoin vendor when shopping online.

Skype utilized peer to peer open source technology to gain a multi billion dollar valuation in just a few years. BitCoin will surpase it as more and more users around the world use it and enjoy it's advantages.

And It does not replace or threaten the value of Gold. They are symbiotic.

The Red Coats are coming!

So what. You can't afford to hire him anyway.

Unless he accepts FRN?

Free includes debt-free!

BTC

BTC is divisible to 8 decimal places. (More if needed.)

If he works for 20mBTC/hr (milli-bitcoins), that would be about $50/hr...