Bitcoin's Energy Bill : The Indicator from Planet Money : NPR
Bitcoin's Energy Bill : The Indicator from Planet Money : NPR
It's US Dollar Not Bitcoin Is Mostly Used In Money Laundering
NPR Planet Money: VC Ben Horowitz Places 2nd Bet on Mass ...
The Tuesday Podcast: Bitcoin : Planet Money : NPR
NPR hit piece on Bitcoin. Planet Money - Bitcoin Divided ...
An in-depth look at what happens when you undermine utility.
I want to fully analyze the talking point that "Bitcoin is a store of value," because it's one that I see very frequently and people have different views on how the value of an asset is generated. This one is also fun because I get to put on my Economist hat instead of my Computer Engineering hat which has always been a strong secondary interest of mine. Please buckle in, because this is a longer read, but if you have any doubts about how value is generated, I really think it's a worthwhile one. Other Assets that Bitcoin is Frequently Compared To I'm going to (mostly) skip some of the more common comparisons of cryptocurrency to (Beanie Babies, Tulips, Pets.com, etc.). I'll only briefly address it here in saying: Beanie Babies are a poor comparison because they had only had perceived scarcity in the way they were distributed so they were heavily undermined from the supply side. Tulips have a debatable history in general as far as the magnitude of purchase, and even if that history is fully accurate, their utility was only really derived from a brief social fad... not a continuing stable utility. Lastly, Pets.com is closer to being apt, except that they arguably had no major utility from the start in that it was (almost) always more expensive and slower to order through their service as opposed to going to the local pet store. The Basis of the "Store of Value Argument So the main argument of "Bitcoin [being] a store of value" is rooted in Bitcoin being scarce... with utility not playing a major role. The counterpoint against this view is that it takes both scarcity and utility to give a premium value to a good or service. So let's try to separate out the two factors. We'll first look at a good that has premium value due to both utility and scarcity where neither factor has been undermined. Utility Plus Scarcity We'll start by taking a look at a good that has both utility and scarcity. I think the one thing in the world that best exemplifies this status, (and my friends over at /magicTCG can attest,) is the Black Lotus. This is the mack-daddy of all Magic cards and as of this year, a mint condition version from the earliest set can fetch a six digit price point. First, let's talk about the Lotus' scarcity: Wizards of the Coast has a strict reprint policy where no card functionally identical to the Black Lotus may be reprinted. That means with the rare exception of an undetected fake, the pool of Black Lotuses will never get larger, and in the case of damage or destruction, will certainly get smaller. Next we'll talk about the Lotus' utility: As arguably the most impactful card in the game, anyone wanting to play Vintage format on a competitive level absolutely needs to have a Black Lotus as well as (almost) every other power-nine card. If you want to see people still playing with pieces of cardboard worth over $10,000+ each, you absolutely can. Even though these cards have utility for only a select few and the price outpaces their direct value-earning potential, the fact that they also have maintained utility means that someone will very likely be willing to purchase this card down the road at the same or higher price than the person that owns it now. Because utility is maintained, the value willcontinuallyincrease. I'm not saying this price rise will continue forever though; Something could happen to undermine the utility or scarcity of MTG cards. The pool of people playing Vintage, or MTG at all could shrink, Undetectable counterfeits could surface, WotC could suddenly change the reprint policy. Etc. In fact, if you would like further information about the Black Lotus from an economic standpoint, I recommend listening to the Planet Money episode: The Curse of the Black Lotus Scarcity with Shrinking Utility What about a good that is still just as scarce as it ever was, but has experienced a reduction in utility? The best example of this phenomenon is probably the New York Taxi Medallion. Taxi Medallions were first introduced around the great depression where less than 12,000 were made. That number has increased to somewhere in the mid 13,000 range today. Regardless, this is clearly a scarce commodity - especially with the extreme growth of NYC itself and thus, the increased demand for cabs. NYC enforced the medallion law relatively strictly for many years, but the introduction of Uber and Lyft also came with less enforcement of the Medallion law. That has caused the value to plummet. I strongly recommend two podcasts that deal with this exact topic: The first is another Planet Money episode: "The Taxi King" The second is a New York Times Daily titled "The Taxi Driver's Plight" If you don't want to listen to the entirety of each episode, I think the most poignant take-away is in the Planet Money episode at timestamp 13:40:
"You can understand where the banks are coming from, they were lending Friedman money based on the rarity of the Taxi Medallions. Those precious taxi medallions. But now, if you can operate something that works pretty much exactly like a taxi without a medallion, the banks are figuring that these medallions are not worth as much as they used to be."
The banks absolutely understand that even though the rarity has not changed at all, their value is based quite heavily on their utility. With less utility comes less demand, and the price has, in response, suffered greatly. In fact, in the update to that podcast, they note that the price of a taxi medallion is now below $200,000 and they not it doesn't look like things will be better anytime soon. Value Requires Both Utility and Scarcity It is pretty clear that value is not based upon scarcity alone. I hope that users entering this space take a long look at what each cryptocurrency they are buying is useful for. Cryptocurrencies that do the best job of maximizing their utility while remaining relatively scarce will do quite well. Cryptocurrencies that don't increase or expand their utility will certainly have their value proposition undermined. TL;DR: Value clearly comes from both utility and scarcity. Invest responsibly. Edit - ty for the gold, it's much appreciated. From here on out I would prefer tips as I am attempting to spur crypto adoption in my community. Now that BCH has good PoS solutions, it's great to have demo / tiny giveaway balances.
Hey all! GoodShibe here! So, yesterday I started putting this thing together and WOW did you come out in droves to help! Thank you so much for sharing your ideas and memories. And thank you kindly to the mods for stickying that post! In one day we reached 60% completion on a list of top 100 Memories and Achievements of Dogecoin! That's amazing! So many fantastic memories and accomplishments! Which leads me to share some developments. The title of this endeavor is now - unless someone comes up with something better: Such Memories: The First 100 Days of Dogecoin I'm going to be putting this together as a 100-ish paged commemorative book - for free in PDF, probably with some cost as a fancy, printed book (Sold as close to 'at cost' as I can get it -- slipstream- has recommended selling it at a small profit, with profits going toward charities or Dogecoin Foundation for charities, etc - thoughts?). Artists, if you've got Dogecoin-themed artwork you want to see in this, please, put forward some links to hi-res CMYK copies and I'll do my best to fit it in. Also! Let's find the funniest, best Dogecoin-related memes that we have put together so far and include them as well! :D) We're also going to need a cover. Any artists out there care to try their hand at designing a cover for this? We'll put it to the community to vote for the one they like the most, and we'll include the others in the book somewhere :D) If you're an artist who submits to the project, you'll get full credit and promotion for your site inside the book (probably in a credits section at the back). I also want to hear from the community - think up some interesting stories, maybe what got you into Dogecoin. What your fondest memories of Dogecoin are. These first 100 days have been an exciting rollercoaster of adventure... let's make that we never forget all the fun memories we've had together. If you have personal, fun pictures you'd like to share, fun, personal stories you want to see get into the book, then start working on them now, put them into the comments, keep them on hand!. Here's the list that I have right now - in no particular order: MOMENTS/ACHIEVEMENTS:
ummjackson's first 'joke' on Twitter about Dogecoin being 'the next big thing'
The original bitcointalk Dogecoin forum page
The first Dogecoin paperwallet design
Save Dogemas is put together by the community, to help out victims of the hack. (News articles?)
15 Million doge raised by the community to save dogemas
TOTAL: 100/100 Also: I was thinking we might have a pour-one-out for all the Orphans - a page dedicated to all the blocks we lost along the way... thoughts? What have I missed?! Let me know in the comments! It's 8:29AM EST and we're at 53.95% of DOGEs found. Our Global Hashrate is spiking from ~61 to ~98 Gigahashes per second and our Difficulty is down slightly from ~1024 to ~1014. Lots of fantastic things in store, let's keep this list growing! As always, I appreciate your support! GoodShibe TL;DR: 100/100!!!
Episode 816: Bitcoin Losers : Planet Money : NPR NPR The bitcoin market has gone crazy. And it’s revealing something strange. A lot of people can’t find their bitcoins. We go looking for lost billions. and more » Bitcoin's Energy Bill : The Indicator from Planet Money The computers that mine Bitcoin use a lot of electricity. That's created some unique arbitrage opportunities in different parts of the world ... In a recent episode of Planet Money, a podcast and blog produced by National Public Radio (NPR), an independent American non-profit media organization, venture capitalist Ben Horowitz and financial journalist Felix Salmon were brought together to discuss the result of a bet on Bitcoin adoption that they made in February 2014 (during another episode of Planet Money). The IRS still considers bitcoin a property, not a currency, which limits the feasibility of doing bitcoin businesses in many states. Moreover, the latest regulation of the European Parliament regarding transfer of funds (20 May 2015) has put a lot of restrictions on money transfers that point to the fact that Europe will not be comfortable soon with an anonymous virtual currency like bitcoin. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can
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