Bitcoin is a prototype of a kind of application whose data and computation are maintained by consensus, owned by no one, and yet reliably operated at a very large scale. Would you consider changing the title of your article to “The Fair Price of a Bitcoin is Non-zero as Long as They Have Utility”? The best comparison I’ve heard so far is with music media. The current payment systems are similar to compact discs while bitcoin is a peer-2-peer network. I guess iTunes would be credit credit/debit cards. by Steve Randy Waldman / [email protected] / @interfluidity ... —People who want to profit from price fluctuations, who hope to speculate, can always invest in things they expect to spike. ... •Let’s look at US CPI in US dollar terms and in Bitcoin terms since 2014. ﬁat does price stability CPI is extremely stable in USD terms. In ... Nonetheless, the price would have risen more if no new coins were produced. Even though Bitcoin is deflating, the difference between the price (in USD) of 1 BTC when the money supply is expanding and the price (in USD) of 1 BTC when the money supply is fixed is a real cost to the users of the system, since it means their bitcoins don't buy so much. haggling over the price.” We have sympathy for the victim of Churchill’s barbed wit, even though we can’t say she was “coerced” because the initial positive incentive was very strong. • (The possibility of very strong, so very persuasive positive incentives, would be an interesting source of value for a money.)
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