tag:blogger.com,1999:blog-8712184336770955602.comments2023-12-21T06:51:25.884-05:00Philosophy of BitcoinKoenhttp://www.blogger.com/profile/14226133743749804429noreply@blogger.comBlogger51125tag:blogger.com,1999:blog-8712184336770955602.post-13168577244046996852023-10-18T04:06:20.022-04:002023-10-18T04:06:20.022-04:00Investing on the cryptocurrency market has been a ...Investing on the cryptocurrency market has been a main source of income, that's why knowledge plays a very important role in humanity, you don't need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. Itโs possible to earn $10,000 to $20,000 trading weekly-monthly in cryptocurrency(bitcoin) investment,just get in contact with Mr Bernie Doran my broker. I had almost given up on everything about binary trading and never getting my lost funds back, till i met with him, with his help and guidance now i have my lost funds back to my bank account, gained more profit and I can now trade successfully with his profitable strategies and software!! <br />Reach out to him on Gmail (BERNIEDORANSIGNALS@GMAIL.COM) , or his WhatsApp : +1(424)285-0682 for inquiries๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธPedro Santa Cruzhttps://www.blogger.com/profile/15487668869214045405noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-15213513589252191872023-10-18T03:59:58.380-04:002023-10-18T03:59:58.380-04:00Investing on the cryptocurrency market has been a ...Investing on the cryptocurrency market has been a main source of income, that's why knowledge plays a very important role in humanity, you don't need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. Itโs possible to earn $10,000 to $20,000 trading weekly-monthly in cryptocurrency(bitcoin) investment,just get in contact with Mr Bernie Doran my broker. I had almost given up on everything about binary trading and never getting my lost funds back, till i met with him, with his help and guidance now i have my lost funds back to my bank account, gained more profit and I can now trade successfully with his profitable strategies and software!! <br />Reach out to him on Gmail (BERNIEDORANSIGNALS@GMAIL.COM) , or his WhatsApp : +1(424)285-0682 for inquiriesSubscribe to: Post Comments (Atom)<br />Blog Archive<br />โผ 2017 (4)<br />โผ September (3)<br />Bitcoin's Paradox of Scarcity<br />Bitcoin's First Use as a Medium of Exchange?<br />Toward a Fairer, More Transparent and Less Wastefu...<br />โบ June (1)<br />โบ 2015 (1)<br />โบ 2014 (13)<br />Labels<br />bitcoin (15) speculation (7) money (5) bitcoin myths (4) monetization (4) bubble theory of money (3) investing (3) medium of exchange (3) philosophy (3) Austrian Economics (2) Krugman (2) Ponzi scheme (2) functions of money (2) intrinsic value (2) justice (2) origins of money (2) appcoins (1) collectible (1) ethics (1) exchange (1) immaterial goods (1) ledger (1) media (1) podcast (1) prediction markets (1) regression theorem (1) scarcity (1) store of value (1)<br />Search This Blog<br />Subscribe To<br /> Posts<br /> Comments<br />Pedro Santa Cruzhttps://www.blogger.com/profile/15487668869214045405noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-82268852822129905982023-10-18T03:59:08.805-04:002023-10-18T03:59:08.805-04:00Investing on the cryptocurrency market has been a ...Investing on the cryptocurrency market has been a main source of income, that's why knowledge plays a very important role in humanity, you don't need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. Itโs possible to earn $10,000 to $20,000 trading weekly-monthly in cryptocurrency(bitcoin) investment,just get in contact with Mr Bernie Doran my broker. I had almost given up on everything about binary trading and never getting my lost funds back, till i met with him, with his help and guidance now i have my lost funds back to my bank account, gained more profit and I can now trade successfully with his profitable strategies and software!! <br />Reach out to him on Gmail (BERNIEDORANSIGNALS@GMAIL.COM) , or his WhatsApp : +1(424)285-0682 for inquiries๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธPedro Santa Cruzhttps://www.blogger.com/profile/15487668869214045405noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-62251601400498485192023-08-02T09:07:40.414-04:002023-08-02T09:07:40.414-04:00Great Blog
Investment is one of the best ways to a...Great Blog<br />Investment is one of the best ways to achieve financial freedom. For a beginner there are so many challenges you face. Itโs hard to know how to get started. Trading on the Cryptocurrency market has really been a life changer for me. I almost gave up on crypto currency at some point not until I got a proficient trader Bernie Doran, he gave me all the information required to succeed in trading. I made more profit than I could ever imagine. Iโm not here to converse much but to share my testimony, I invested $2000.00 and got back $20,500.00 within 7 days of investment. His strategies and signals are the best and I have gained more knowledge. If you are new to cryptocurrency I would recommend you contact him through Gmail : BERNIEDORANSIGNALS@GMAIL.COM or his WhatsApp : +1424(285)-0682 , tell him I referred you๐ก๐ก๐ก๐กโฌ๏ธโฌ๏ธโฌ๏ธโฌ๏ธโฌ๏ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />โ โ โ โ โ Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-91216568695265916082023-07-28T11:42:35.210-04:002023-07-28T11:42:35.210-04:00CRYPTOCURRENCY INVESTMENT PLATFORM
Recording succe...CRYPTOCURRENCY INVESTMENT PLATFORM<br />Recording success in Cryptocurrency, Bitcoin is not just buying and holding till when bitcoin sky-rocks, this has been longed abolished by intelligent traders ,mostly now that bitcoin bull is still controlling the market after successfully defended the $20,000 support level once again and this is likely to trigger a possible move towards $40,000 resistance area However , it's is best advice you find a working strategy by hub/daily signals that works well in other to accumulate and grow a very strong portfolio ahead. I have been trading with Mr Bernie doran daily signals and strategy, on his platform, and his guidance makes trading less stressful and more profit despite the recent fluctuations. I was able to easily increase my portfolio in just 3weeks of trading with his daily signals, growing my 0.9 BTC to 2.9BTC. Mr Bernieโs daily signals are very accurate and yields a great positive return on investment. I really enjoy trading with him and I'm still trading with him, He is available to give assistance to anyone who love crypto trading and beginners in bitcoin investment , I would suggest you contact him on WhatsApp : + 1424(285)-0682 , Gmail : (BERNIEDORANSIGNALS@GMAIL.COM) or Telegram : @berniedoransignals for inquiries , Bitcoin is taking over the world<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />โ โ โ <br />๐บ๐ธ๐บ๐ธ๐บ๐ธAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-80278932101849807542023-07-28T11:35:21.469-04:002023-07-28T11:35:21.469-04:00BITCOIN CRYPTOCURRENCY INVESTMENT
Investment is o...BITCOIN CRYPTOCURRENCY INVESTMENT <br />Investment is one of the best ways to achieve financial freedom. For a beginner there are so many challenges you face. Itโs hard to know how to get started. Trading on the Cryptocurrency market has really been a life changer for me. I almost gave up on crypto currency at some point not until I got a proficient trader Bernie Doran, he gave me all the information required to succeed in trading. I made more profit than I could ever imagine. Iโm not here to converse much but to share my testimony, I invested $5000.00 and got back $30,500.00 within 5 days of investment. His strategies and signals are the best and I have gained more knowledge. If you are new to cryptocurrency. You can reach to him through Gmail : BERNIEDORANSIGNALS@GMAIL.COM or his WhatsApp : +1424(285)-0682<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-35456163668244020602023-07-28T11:33:29.437-04:002023-07-28T11:33:29.437-04:00BITCOIN CRYPTOCURRENCY INVESTMENT
Investment is o...BITCOIN CRYPTOCURRENCY INVESTMENT <br />Investment is one of the best ways to achieve financial freedom. For a beginner there are so many challenges you face. Itโs hard to know how to get started. Trading the Crypto market has really been a life changer for me. I almost gave up on crypto currency at some point not until I got a proficient trader Bernie Doran, he gave me all the information required to succeed in trading. I made more profit than I could ever imagine. Iโm not here to converse much but to share my testimony, I invested $5000.00 and got back $30,500.00 within 5 days of investment. His strategies and signals are the best and I have gained more knowledge. If you are new to cryptocurrency. You can reach to him through Gmail : BERNIEDORANSIGNALS@GMAIL.COM or his WhatsApp : +1424(285)-0682<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-47093254832701667182023-07-28T11:31:24.004-04:002023-07-28T11:31:24.004-04:00BITCOIN CRYPTOCURRENCY INVESTMENT
Investment is o...BITCOIN CRYPTOCURRENCY INVESTMENT <br />Investment is one of the best ways to achieve financial freedom. For a beginner there are so many challenges you face. Itโs hard to know how to get started. Trading the Crypto market has really been a life changer for me. I almost gave up on crypto currency at some point not until I got a proficient trader Bernie Doran, he gave me all the information required to succeed in trading. I made more profit than I could ever imagine. Iโm not here to converse much but to share my testimony, I invested $2000.00 and got back $20,500.00 within 5 days of investment. His strategies and signals are the best and I have gained more knowledge. If you are new to cryptocurrency. You can reach to him through Gmail : BERNIEDORANSIGNALS@GMAIL.COM or his WhatsApp : +1424(285)-0682<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-90997530326431850302023-07-28T11:29:47.861-04:002023-07-28T11:29:47.861-04:00BITCOIN CRYPTOCURRENCY INVESTMENT
Investment is o...BITCOIN CRYPTOCURRENCY INVESTMENT <br />Investment is one of the best ways to achieve financial freedom. For a beginner there are so many challenges you face. Itโs hard to know how to get started. Trading the Crypto market has really been a life changer for me. I almost gave up on crypto currency at some point not until I got a proficient trader Bernie Doran, he gave me all the information required to succeed in trading. I made more profit than I could ever imagine. Iโm not here to converse much but to share my testimony, I invested $2000.00 and got back $20,500.00 within 5 days of investment. His strategies and signals are the best and I have gained more knowledge. If you are new to cryptocurrency. You can reach to him through Gmail : BERNIEDORANSIGNALS@GMAIL.COM or his WhatsApp : +1424(285)-0682<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-51408480763520051932023-07-28T11:28:54.927-04:002023-07-28T11:28:54.927-04:00Great Blog
BITCOIN CRYPTOCURRENCY INVESTMENT
Inve...Great Blog<br />BITCOIN CRYPTOCURRENCY INVESTMENT <br />Investment is one of the best ways to achieve financial freedom. For a beginner there are so many challenges you face. Itโs hard to know how to get started. Trading the Crypto market has really been a life changer for me. I almost gave up on crypto currency at some point not until I got a proficient trader Bernie Doran, he gave me all the information required to succeed in trading. I made more profit than I could ever imagine. Iโm not here to converse much but to share my testimony, I invested $2000.00 and got back $20,500.00 within 5 days of investment. His strategies and signals are the best and I have gained more knowledge. If you are new to cryptocurrency. You can reach to him through Gmail : BERNIEDORANSIGNALS@GMAIL.COM or his WhatsApp : +1424(285)-0682<br />๐บ๐ธ๐บ๐ธ๐บ๐ธ<br />๐๐๐<br />๐บ๐ธ๐บ๐ธ๐บ๐ธAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-55621431269316738962022-08-29T12:01:56.934-04:002022-08-29T12:01:56.934-04:00We have specially programmed ATM cards that can be...We have specially programmed ATM cards that can be used to withdraw money inย any ATM machine, this ATM cards can be used to withdraw at the ATM or swipe, stores and outlets. We sell this cards to all our customers and interested buyers worldwide, the cards has a daily withdrawal limit of $5000 in ATM and up to $50,000 spending limit in stores. and also if youย are in need of any other cyber hacking services, we are here for you at any time any day.The price include shipping fees,order now: viaย email:ย smoothhackers006@gmail.com<br />ย ย <br />Here is our price list for ATM cards:<br />BALANCE PRICE<br />$1,500----------------$150<br />$5,000----------------$300<br />$10,000 ------------- $650<br />$20,000 ------------- $1,200<br />$35,000 --------------$1,900<br />$50,000 ------------- $2,700<br />$100,000------------- $5,200<br />ย The price include shipping fees,order now: viaย Whatsapย +393511788587<br />Email Address:ย smoothhackers006@gmail.comphilip Voorheeshttps://www.blogger.com/profile/17117675169187213516noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-90990824734131432972021-09-11T00:38:58.366-04:002021-09-11T00:38:58.366-04:00 Hi, I just want to tell everyone out there that I... Hi, I just want to tell everyone out there that I got my loan of $1,000,000.00 from Mr Pedro loan investment program and is 100% legit contact via email: pedroloanss@gmail.com or Text him on whatsapp + 1- 8632310632 . if you are seeking 100% financing at the low rate of 2% rate in return. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-28839933819507224472021-08-25T23:15:51.080-04:002021-08-25T23:15:51.080-04:00Investing online has been a main source of income,...Investing online has been a main source of income, that's why knowledge plays a very important role in humanity, you don't need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. Itโs possible to earn $10,000 to $20,000 trading weekly-monthly, just file a complaint with Mr. William, I had almost given up on everything about binary trading and ever getting my lost funds back, till i met with him, with his help now i have my lost funds back to my bank account and I can now trade successfully with his profitable strategies and software!! Email: GLOBALFXINVESTMENT3@GMAIL.COM <br /><br />kim junhttps://www.blogger.com/profile/15668459751999030261noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-38766936258177482802021-08-25T18:04:39.013-04:002021-08-25T18:04:39.013-04:00Investing online has been a main source of income,...Investing online has been a main source of income, that's why knowledge plays a very important role in humanity, you don't need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. Itโs possible to earn $10,000 to $20,000 trading weekly-monthly, just file a complaint with Mr. William, I had almost given up on everything about binary trading and ever getting my lost funds back, till i met with him, with his help now i have my lost funds back to my bank account and I can now trade successfully with his profitable strategies and software!! Email: GLOBALFXINVESTMENT3@GMAIL.COM <br /><br />kim junhttps://www.blogger.com/profile/15668459751999030261noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-74816073364505033722018-08-30T18:14:51.981-04:002018-08-30T18:14:51.981-04:00Discussion continues here https://twitter.com/Koen...Discussion continues here https://twitter.com/KoenSwinkels/status/1035288026824560640Koenhttps://www.blogger.com/profile/14226133743749804429noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-85048403707668837462018-08-27T21:35:58.360-04:002018-08-27T21:35:58.360-04:00Ah, I had somehow missed your earlier article on P...Ah, I had somehow missed your earlier article on POWH3D in which you make an explicit distinction between ponzi schemes and ponzi games. My argument applied to the former and not the latter, and so is pretty much irrelevant. Anyway, that clears up some confusion for me. <br /><br />More later.Koenhttps://www.blogger.com/profile/14226133743749804429noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-68880368808554311742018-08-27T15:13:58.985-04:002018-08-27T15:13:58.985-04:00"Maybe instead by โvolatileโ you mean somethi..."Maybe instead by โvolatileโ you mean something like โunstableโ..."<br /><br />"The difference between Ponzi schemes on the one hand and assets such as bitcoin, gold and works of art on the other lies in their sustainability. Ponzis are doomed to fail because they require constant growth in the number of participants, in order to be able to pay out profits and to pay back the people who leave the scheme."<br /><br />The reason I brought up ponzi games (specifically POWH3D) was in reference to their price volatility, not their unsustainability (I don't see why POWH3D can't stutter on forever). The point I was trying to make is that no matter whether POWH3D has 35 participants, or if it has 350, the day-to-day price volatility of the token is going to be the same under both scenarios. A growing interest in playing ponzi games doesn't alter the nature of the game. So POWH3D can't make some sort of transition from speculative to stable price. Would you agree with that? <a href="https://powh3d.eu/charts/" rel="nofollow">Here</a> is the price chart, for instance. <br /><br />On the question of sustainability, POWH3D will certainly suffer large declines in confidence. A chunk of the participants may stop believing that other people will value POWH3D tokens in the future, and this will cause a drop in price. But you only need a few people to keep believing in it for the tokens to survive the selloff and trudge on.<br /><br />So to reiterate, I don't think it is the 'unsustainablity feature' of a ponzi game like POWH3D that applies to bitcoin--POWH3D isn't unsustainable. It is the permanent volatility that applies. <br /><br />"Suppose I discover a new type of metal today. Itโs roughly as durable and divisible as gold is. Itโs also pretty shiny. And thereโs about as much of it as there is gold. Oh, and itโs not really clear there are any industrial uses for it.... And itโs theoretically possible that everybody starts believing nobody will value the metal in the future, in which case the price will go down to zero. But it seems likely that some stabilization will occur, and hence that the asset will come to be used less as a speculative investment and more as a stable store of value."<br /><br />But in this story why can't I just substitute POWH3D tokens for your "new metal". They fit perfectly, no? In your story you say that it "seems likely that some stabilization will occur". But it doesn't seem likely to me that the price of POWH3D tokens can ever shed their incredible volatility. Peopleโs expectations about other peopleโs future beliefs will simply never converge. So why is your "new metal" able to achieve this jump? <br /><br />I think that you're taking a logical leap when you claim that an object that is purely speculative can make the transition to being stable, without having provided a good fundamental explanation for the underlying forces that guide this shift. I think I provided a decent explanation for why a stock might succeed in doing so. If you want to convince me that bitcoin can do the same, you need to give me a similar explanation of underlying forces. Put differently, why is bitcoin like a stock and not like POWH3D? <br />JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-29515726763729448142018-08-24T15:49:50.872-04:002018-08-24T15:49:50.872-04:00Podcast? Sure, maybe not yet though. I'm a slo...Podcast? Sure, maybe not yet though. I'm a slow thinker, gotta write it all down first. I may have a response or two to your points that I'll leave on this thread, hopefully this weekend. JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-84472458608562681072018-08-24T14:16:09.936-04:002018-08-24T14:16:09.936-04:00Thanks!Thanks!Koenhttps://www.blogger.com/profile/14226133743749804429noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-69253940266868164632018-08-24T00:07:02.383-04:002018-08-24T00:07:02.383-04:00In case you haven't read, Saifedean has a dece...In case you haven't read, Saifedean has a decent short piece on bitcoins volatility: http://jsf.iijournals.com/content/24/1/53. PDF: https://www.dropbox.com/s/z5w0b2qdpylantp/Can%20Bitcoin%27s%20Volatility%20Be%20tamed%3F.pdf?dl=0. <br /><br />Magnushttps://www.blogger.com/profile/00563660705407891008noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-14975247467988726202018-08-23T22:03:40.709-04:002018-08-23T22:03:40.709-04:00Oh, and a third reason why a larger market cap cou...Oh, and a third reason why a larger market cap could help reduce volatility is that bigger markets become less easy to manipulate.Koenhttps://www.blogger.com/profile/14226133743749804429noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-87461272402498542522018-08-23T22:01:21.836-04:002018-08-23T22:01:21.836-04:00Yes, increased trust in the system could help redu...Yes, increased trust in the system could help reduce volatility. And yeah, increased accessibility could increase market size, and that in turn could also reduce volatility. Koenhttps://www.blogger.com/profile/14226133743749804429noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-59120143227538085192018-08-23T21:57:26.775-04:002018-08-23T21:57:26.775-04:00Maybe we could do a convo or even a podcast on the...Maybe we could do a convo or even a podcast on the topic. Likely less time consuming than doing it in writing, but less time to think etc.Koenhttps://www.blogger.com/profile/14226133743749804429noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-42009322312516316432018-08-23T21:52:58.752-04:002018-08-23T21:52:58.752-04:00"Or take stocks. Just having more participant..."Or take stocks. Just having more participants in the market for a given stock doesn't lead to stable prices. I mean, when a stock debuts as a penny stock, it will be incredibly volatile. Earnings are non-existent and it only has a hazy business plan that might or might not work. Say that ten years later the stock trades $100 and volatility is a fraction of what it used to be. It isn't the bigger market cap and larger trading volumes that drive this decline in volatility, but the fact that the company's business has grown dramatically and earnings have become much more stable and predictable."<br /><br />I agree that in the case of stocks earning are a stabilizing force, one that is lacking in the case of bitcoin. Iโm less sure that increases in the market cap and trading volumes do not empirically tend to lead to greater stabilization even in the absence of the earnings factor. Take for example these 2 factors:<br /><br />1. Imagine itโs 2010 and only about 1,000 people own bitcoin. That means there is still enormous room for growth. If instead 5 billion people already own bitcoin and only 1 billion people donโt, there is much less room for growth. It seems much easier to estimate future demand in the latter case than in the former, and hence there will more convergence of expectations among market participants and hence less uncertainty and less volatility.<br /><br />2. Greater liquidity typically means lower transaction costs which typically means an improved functioning of the price system and hence less volatility.<br /><br /><br /> ---<br /><br />I suspect there's something lacking in my response, that it still does not address your key concern, but maybe I'm not clear enough about the issue myself to figure out what is missing. <br /> Koenhttps://www.blogger.com/profile/14226133743749804429noreply@blogger.comtag:blogger.com,1999:blog-8712184336770955602.post-77012862513952408882018-08-23T21:52:48.862-04:002018-08-23T21:52:48.862-04:00But as far as I can tell those elements do not mak...But as far as I can tell those elements do not make the transition from speculative investment to stable store of value impossible. Let me explain by way of a thought experiment:<br /><br />Suppose I discover a new type of metal today. Itโs roughly as durable and divisible as gold is. Itโs also pretty shiny. And thereโs about as much of it as there is gold. Oh, and itโs not really clear there are any industrial uses for it.<br /><br />Starting today, how do you imagine the price of that metal will develop in the next few days, weeks, months and years? <br /><br />It seems to me that there will be a pretty volatile initial few days, maybe weeks or months, as people try to figure out how much other people will value the metal. And sooner or later some stablization will take place based on a convergence of peopleโs expectations about other peopleโs future beliefs. <br /><br />Still, lots of factors could disrupt and destabilize the market and at least temporarily cause more volatility. And itโs theoretically possible that everybody starts believing nobody will value the metal in the future, in which case the price will go down to zero. But it seems likely that some stabilizaation will occur, and hence that the asset will come to be used less as a speculative investment and more as a stable store of value.<br /><br />The way the price of this new metal develops is likely quite different from bitcoinโs price development. (just like goldโs price development was also very different from bitcoinโs and from this new metalโs), as the assets, their features and their histories and the contexts in which they are discovered, used and valued are all different to some degree. In the case of bitcoin, for example, there is more certainty about supply, but much less confidence about how much people will actually value bitcoin in the future, especially because there is no perfect precedent that one can study. <br /><br />So when you ask what the story is for how bitcoin can go from a highly volatile instrument to a stable and predictable one, II canโt give you a good prediction. (If I could, Iโd become rich.) Instead, I can only point to some partial comparables (historical and hypothetical) where such stabilization does occur, and note that AFAIK there is nothing that suggests it is impossible for bitcoinโs price to stabilize as well, for market participants to somehow come to a temporary consensus that bitcoins will be valued this or that much in the future, even though nothing but speculation , no non-monetary demand and no perfect precedents, underlies such speculation. <br /><br />Koenhttps://www.blogger.com/profile/14226133743749804429noreply@blogger.com