Post
Topic
Board Bitcoin Discussion
Re: on what condition can people have fath for bitcoin just like for gold?
by
Peter R
on 20/03/2014, 17:26:11 UTC
That's all correct if you can identify what's really true and what really constitutes progress. If you followed the truth of this forum starting two short years ago you would have already lost all of your money to MyBitcoin or Bitcoinica or GLBSE or Pirate@40 or on and on and on. If any other investment vehicle had this many problems so soon after introduction it would already be ancient history. Fanatical idealism is keeping Bitcoin alive.

I did two things:

A.  I showed that according to the Quantity Theory of Money, real output (Q) can increase without an increase in the money supply (it requires falling price levels instead).

B.  I discussed the idea of myth vs reality and presented my Theory of Dinosaurism.  

You seem to agree that this is all true.  

But I think you are also suggesting that "falling prices are bad" is some sort of truth, and that if we question this it represents "fanatical idealism."  Is this correct?


All groups have shared myths including bitcointalk--you call this groupthink in your signature.  Myths are part of being human and shape our society--they can help us or hinder us.  For example, the "HODL" myth helps us overcome fear during outbreaks of FUD.  So far this myth has been beneficial to its subscribers.  "Deflation is bad" is another myth that was helpful in growing the economy after the Great Depression and World War II.  I no longer subscribe to this myth, however.