Post
Topic
Board Speculation
Re: Bit coin is on a down hill slope
by
Wary
on 18/12/2014, 20:55:04 UTC
As others already said, NotLambChop is one of major forum's trolls. Most people have him on ignore. By the same reason they are not happy when somebody is quoting him.

Quote
If a normal commodity with normal usage (say, milk) becomes money, then the price of milk will increase significantly, as people will start holding milk for its value, and not to drink it or make food with it.  This will profit enormously to people with cows.  It will cause an over-investment in cows, and it will cause an under-consumption of milk.
"Over-investment" and "under-consumption" wording assume that there is some "proper" level of consumption and investment. But there isn't. If milk becomes money, their utility will grow. If, say british scientists would discover that milk, added to petrol, would double mileage per gallon, milk consumption will grow, along with investment into milk production. But we won't call it over-production and over-consumption. If milk, apart from drinking, can be used for something else, it's utility will grow and it is normal, rather than "over".