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overtheedge
Member since May 2012
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Price Discovery in the Absence of Bitcoin Exchanges - Jon Matonis - The Monetary Future

"The genie is out of the bottle and centralized banking institutions are no longer seen as necessary for the provision of an exchangeable monetary unit."
Utter nonsense. Bitcoin is just another "Pet Rock" or "Cabbage Patch Doll" fad. Only a miniscule number of people support it and they are the ones holding.

"The best solution from authorities will be to accept the changes and to modify political behavior around a forthcoming model of decentralized currencies. "
The "best" solution? Again nonsense. Best for whom?
Then there is the unicorn snot concept of "modifying political behavior around a forthcoming model".
Let's dissect this.
Political behavior isn't modified by choice. It only changes by application of overwhelming force. Read some history!
Forthcoming, adj, about to appear. Says who?
Model, n, a representation, a pattern or mode of structure or formation.

I contend the "best solution" is monetary metals and total elimination of usury.
90 day notes and discounting worked just fine.
Gold and silver were universally accepted. No internet access required.

In the beginning, bitcoins had no valuation. Speculation is the only mechanism that has run the price up.
Oh and just another nail to add to bitcoin's coffin (currently under construction), bitcoin is NOT universally accepted and never will be.
Bitcoin is akin to online gambling. Nothing more and nothing less.
I have no problem with other folks gambling. Desperate, starry eyed, dreamers and their money are soon parted.
I'm not a gambler trying to get folks to play my game (basically a version of "Old Maid") with their money.
Don't get caught being the last ones holding when bitcoin returns to its intrinsic value.
But then again, I'm not holding.
Who do you suppose might be holding and hoping for substantial appreciation aka profit?
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From americanbanker.com/authors/1707.html
Jon Matonis: His career has included senior posts at Sumitomo Bank, Visa, VeriSign, and Hushmail. Currently, he serves on the board of the Bitcoin Foundation.

Then there is this:
bitcoinfoundation.org/about/board
Jon Matonis
Executive Director and Board Member

Why does his bio on 24hGold fail to disclose this and why the outdated photo? There is no shame in getting older. As for the failure to disclose his career history in his 24hGold bio, decide for yourself.
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I'm not selling anything.
I only offer information. Do with it as you will.

I will continue to use my debit card. It is far closer to universally accepted than bitcoin by several orders of magnitude.

I still gave the article 2 stars because it contained some accurate information in my opinion.

Commented 3965 days ago

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Beginning of the headline :Recently, authorities in India, China, Korea, Denmark, France, and Norway have issued stern warnings regarding the use and trade of bitcoin and other digital currencies. As a consequence, important exchange outlets for price discovery have been slowed or shuttered following the government advisories. Furthermore, India and China represent nearly half of the globe’s total population. The world has mostly underestimated the latent demand for a free and nonpolitical currency unit. In the f... Read More

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