Post
Topic
Board Bitcoin Discussion
Re: Peter Thiel on Bitcoin
by
evoorhees
on 05/03/2012, 15:48:39 UTC
The less you debate about Bitcoin the more gets done > more applications > more users > more profit.

That is great advice. It would really be nice if Bitcoin were a 'silent giant'. The best businesses are those no one even knows exist.

One thing to keep in mind with Bitcoin is that it is a sterile asset, even more so than gold in my opinion, and as such and any increase in the value of bitcoins is a result of wealth that was already produced and stored in some other form being transferred to the holder of the bitcoins. Why even let people know their wealth is being siphoned away as Bitcoin grows?

That's not true. For example we need tons of staff and huge secure buildings and trucks to secure dollar transactions. When we switch to Bitcoin we save are wealthier and more value is stored in Bitcoin than previously was stored in dollars. From a more individual perspective we are wealthier when we move our commerce into the Bitcoin realm because we save tx fees.

Bingo. A bitcoin-based economy moves resources more efficiently, meaning less is lost and more is produced. Thus, humanity itself is wealthier, and if one could do a proper accounting of this phenomenon I'd imagine that wealth gain would be quite extensive.  Compare it to letters and email... society gained massive wealth by utilizing email instead of paper letters.