Selgin defines commodity money to be, for example, gold that arises as units of settlement between major banks. I've always argued bitcoin will arise to serve as this effectively replacing gold (or SDR's the IMF uses etc.). submitted by
Selgin also notes that as the money tends towards ideal supply through a naturally approached equilibrium process less of the actual commodity is needed and thus it is freed up for other uses.
Gold might be then used for space equipment etc.
But there is seemingly no need or want to structure bitcoin to do this.
What would it matter if the participating banks used 21 million bitcoins or 1 million bitcoins or 500 bitcoins and the rest were used for other purposes other than settlement?
It would also necessary effect the price/value of a bitcoin which is counterproductive to a stable unit of value.
What is also interesting is if we consider this argument then bitcoin is really nothing new in regard to a settlement system, its simply the commodity money Selgin describes.
But the blockchain provides tamper proof security which is a residue left over from the process. It's what is really the new technology and yet it doesn't really add to the utility of bitcoins.
Bit redditors are complaining that Amir Taaki is a childish rep of bitcoin and needs someone more corporate, like Erik Voorhees or Trace Mayer however stop complaining on reddit and do your part.
The bit coin needs good PR and good publicity and more importantly positive Media Representation especially in Western Media.
Understand the trends.
Since bitcoin prices have skyrocketed from $30 upwards. Media agencies such as BBC, CNN have stopped reporting factual events in bitcoin such as the bitcoinica and mtgox hacks earlier to taking an editorial stance for or against it. Most outlets and newspapers have not done their research properly which shows how rushed and sensationalised journalism has become.
Tech and Business news have started to output their views also on bitcoin also highlighting inaccurate events and publicizing weaknesses such as Hacks, Bubbles and laughable bearish views. The Tech news outlets have been pretty favourable and business outlets pragmatically harsher.
News Agencies and Newspapers have hierarchies and therefore their editorial output is determined in a meeting even if the journalist is doing an independent piece as it still have to be editorially approved.
So quite simply if Media proprietors, newspaper and magazine editors and journalists and news anchors actually had bitcoins in their wallets, like the tech journalists have, hence why they are favourable to it, they would naturally promote bitcoins similar to how Goldman Sachs promotes the assets or derivatives they are long on. Most here are long on bitcoin so you need to make sure that Media proprietors, editors and journalists have bitcoins. This includes News Agencies, Newspapers and Magazines and Tech and business news outlets also. In addition to politicians and regulators. Find out everyone connected and send them bitcoins to get them connected. Clearly aimed at early adopters since the new guys cant send out bitcoins that they had to pay large amounts for. It may sounds ridiculous to send relatively affluent people in society bitcoins however the long term aim fully justifies this and I hope most of you read this over again if you do not understand this. These people promote their bias and interest directly and indirectly and still can appear neutral and professional. Get these guys to do our Marketing and PR without paying a PR agency millions of dollars. Just send them a few coins.
Remember Wordpress, Reddit, Mega, 9Flats, Expensify,
Of course a legitimate currency has to be used for illegitimate human vices such as Drugs, Sex, porn prostitution and Gambling.
But Food & Drink, Clothing and Shelter need to be purchased with bitcoin for it to fully function.
So contact or even flood them on email or twitter.
BBC, CNN, Reuters, AP, AFP, AlJazeera, CBS, ABC, Fox, NBC, New York Times, USA Today and Gannett, LA times and Tribune, MediaNews Group, Daily News, Sun-Times, Hearst Corp, Washington Post, Associated Newspapers, News International, GMG, TMG and Press Holdings, Bloomberg, FT and Economist, Tech like Verge, Arstechnica, Wired, TC, BGR, GigaOM, VB, Mashable, Media proprietors, CEO, Chairman, CIO, CTO, CFO, Editors, and Journalists, Also your politicians Senators, Reps and MPs, and Regulators like FinCen and others in US/EU. and finance commentators, strategists and economists - since they put out their views regularly to sheep that follow their every word even if they lie.
No point commenting this guy and that girl gave a negative view or that newspaper or blog is biased. Do something.
Bloomberg correspondent Sara Eisen, Convergex Group Chief market Strategist Nick Colas , Eurasia Group President Ian Bremmer, Societe Generale Senior Forex Strategist Sebastien Galy, Bob Rice, general managing partner with Tangent Capital Partners LLC, UBS stockbroker Art Cashin, Reuters claim Morgan Stanley and Goldman Sachs traders visiting mtgox Mastercard are watching, Steve Hanke, http://economics.wustl.edu/people/stephen_williamson
, Scott Sumner, Tyler Cowen, George Selgin, Paul Krugman, Benjamin M. Friedman, http://econ.williams.edu/people/knk1
, Lawrence H. White, Russ Roberts. Paypal is watching, Media Proprietors will call short now but then... Let their greed enable us.
The greed is unbelievable. http://techcrunch.com/2013/04/05/why-do-vcs-care-about-bitcoin/
Following Bailey’s remark, the crypto community began discussing bitcoin’s intrinsic value in some detail. Michael Saylor, the CEO of Nasdaq-listed company Microstrategy that recently bought $425 million worth of bitcoin for its treasury reserve, tweeted:. Bitcoin is the first digital monetary system capable of storing all the money in the world for every individual, corporation, and ... Buy Bitcoin on Coinbase. What is Blockchain Technology? What is Bitcoin (BTC)? What is Ethereum (ETH)? What is Bitcoin Cash (BCH)? Best Bitcoin Wallets. Contact. CATEGORY. George Selgin ... Bitcoin Cash 24h $ 255.07-3.22-1.25%. Cardano 24h $ 0.103405-2.45%. Cardano 24h $ 0.103405-0.002598-2.45%. Litecoin 24h $ 47.31-3.96%. Litecoin 24h $ 47.31-1.95-3.96%. Bitcoin SV 24h $ 161.29-3.48 ... George Selgin Critiques MMT and Debates Murphy on Free Banking. Bitcoin Monetary Policy Money and Banking. 09/28/2020 Audio/Video Robert P. Murphy George A. Selgin. Monetary economist George Selgin agrees with Bob on the flaws with MMT, but then the two continue their debate (started at the Soho Forum) on fractional reserve free banking. Read More. The Government Wants Your Crypto Data. And ... From positive price indicators to a new all time high in smallholder addresses, this is the evidence a new bitcoin bull run might be starting.
CITIZEN TV is the No.1 TV station commanding a total reach of 90% and over 12 years in existence as pioneer brand for RMS Footprint with largest coverage and... "Bitcoin is poorly suited to the purpose of becoming any nation's main medium of exchange." That was the topic of a public debate hosted by the Soho Forum in... We may need a new Paul Volcker. The gentlemen also discuss the yuan, bitcoin and central bank digital currencies to a great extent. Government will tolerate private currencies until they become ... George Selgin is a senior fellow and director of the Center for Monetary and Financial Alternatives at the Cato Institute and Professor Emeritus of Economics at the University of Georgia. His ... Bitcoin ve altcoinlerle yatırım yaparak yeni bir çağın başlangıcında ilklerden olun, siz finansal özgürlüğünüze doğru yelken çekerken merak ettiğiniz bir çok...