Quote from: davido on August 05, 2015, 02:24:50 PM

Quote from: maku on August 05, 2015, 02:13:18 PM

Bitcoin does not need new theory of money. We already have enough of theorycrafting about it we know it all. What needs to change is people's perception about bitcoin.

People's perceptions are shaped by theories of money. For example Alan Greenspan said: "I do not understand where the backing of Bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it's a government or an individual." So he is making a judgement about Bitcoin because it does not conform to the traditional idea that money needs to be backed either by intrinsic value (e.g. gold) or by a centralized issuer (e.g. the state).
Agree there is a lot of theorizing about money, but not much of it applies very well to Bitcoin ... Also, money is something that is completely missing from most economic models (e.g. Stephanie Kelton: "Money, debt and finance dont even fit into many economic models)" which is another sign that the theories aren't working.

Bitcoin is backed by 'consensus'. Because it is young, this consensus is volatile. The appearance of apparent 'governance coups' does not help consensus and thus destroys 'value'. http://www.zerohedge.com/news/2015-08-19/bitcoin-battered-after-governance-coup