tag:blogger.com,1999:blog-7895164153505105997.post4851630221804218844..comments2024-01-17T00:45:37.075-08:00Comments on Bud Meyers: John Stossel on Fox News Promotes BitcoinsBud Meyershttp://www.blogger.com/profile/02065020063363023395noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-7895164153505105997.post-53382528107686803232014-02-25T09:58:42.745-08:002014-02-25T09:58:42.745-08:00UPDATE FEB 25, 2014 --- A lot of people lost a lot...UPDATE FEB 25, 2014 --- A lot of people lost a lot of $$$<br /><br />A major bitcoin exchange has gone bust after secretly racking up catastrophic losses. 740,000 Bitcoins are missing from Mt. Gox, which roughly translates to hundreds of millions of dollars' worth of losses. <br /><br />http://www.huffingtonpost.com/2014/02/25/bitcoin-exchange-offline_n_4851344.htmlBud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-77031802415732624482014-01-01T07:49:36.612-08:002014-01-01T07:49:36.612-08:00More from Krugman on Bitcoins:
One thing that hap...More from Krugman on Bitcoins:<br /><br />One thing that happens when you try to have a rational discussion of Bitcoin, gold, and/or other libertarian causes is that you get a lot of cynical remarks about government (which is one of the clues that this is, to an important extent, about politics.) You say that there’s nothing putting a floor under Bitcoin’s value? Well, how do you know that the government won’t debase the dollar to nothing? Huh? Huh? Well, there’s an answer to that: governments care about their reputations, and even, to some extent, about the welfare of their citizens...<br /><br />..The notion that governments can’t be trusted with the printing press sounds cynical and realistic, but it’s actually a fantasy, probably brought on by reading Ayn Rand instead of Tolkien...<br /><br />...The popularity of the notion that [governments] are inevitably or even usually run by looters and moochers says more about what some people want to believe than about the lessons of history."<br /><br />http://krugman.blogs.nytimes.com/2013/12/31/cynical-fantasies/<br /><br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-13309029749110417022013-12-30T12:39:50.495-08:002013-12-30T12:39:50.495-08:00Update --- Paul Krugman's old college roommate...Update --- Paul Krugman's old college roommate sent him a note about Bitcoin that confirms some of his own suspicions:<br /><br />"My current guess is that the Bitcoin bubble will collapse when there is some bad news, e.g., a regulator demands registration of Bitcoin wallets, people try and cash out, and find that that while it’s easy to buy bitcoins, it’s much harder to find people willing to buy back nontrivial amounts, very hard to collect the sales proceeds, and completely impossible without revealing exactly who you are."<br /><br />http://krugman.blogs.nytimes.com/2013/12/29/an-ubernerd-weighs-in/?_r=0<br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.com