Cotizacion bitcoin el economista
Finally both interviewer and interviewed make an assesment about the value of dollars in the future. Well, their assesment might be right in the long term, but I think they are not considering that the main currency of the world is cotizacion bitcoin el economista dollars but credit used as medium of exchangeand that credit is denominated mainly in dollars. Mises wrote the following on his Theory of Money cotizacion bitcoin el economista Credit chapter But money that already functions as such may remain valuable even when the cotizacion bitcoin el economista source of its exchange value has ceased to exist.
The bolded part of the paragraph is critical for the consistency of his Regression theorem. It is not sustainable theoretically to require that a good must have a previous utility before becoming money and at the same time stating that this cotizacion bitcoin el economista does not have to remain. Then, how can cotizacion bitcoin el economista buyer or a seller capabale to judge the value of any new economic good if he had no information of its exchange value —its purchasing power— in the inmediate past?
Regression Theorem is cotizacion bitcoin el economista to solve a circularity cotizacion bitcoin el economista the sense that people grant value to a good as a medium of exchange because of its purchasing power.
But currency does not have value because of its purchasing power — all economic goods have purchasing power—, cotizacion bitcoin el economista because of its monetary utility scarcity, divisibility, difficult to fake, etc.
First of all, I would like to state that I am cotizacion bitcoin el economista BitCoin supporter and I also think that gold is and has been the best money around until some other thing is discovered. That being said, I think it is important to remark the economical nature cotizacion bitcoin el economista Gold and Bitcoins: Both of them are present goods. Software or trademarks are also present goods and they are not tangible. Conversely, currencies that are not present goods can only be credit.
An explanation of why agree with him within the TTE theoretical framework can be cotizacion bitcoin el economista here. Monetary utility, which is the need for liquidity, is valuable enough by itself, no need a link to anything else to have value. But that was because he did not separate the concepts medium of exchange currency and present good used as medium of exchange money.
Currencies that are not present goods, can only be credit, cotizacion bitcoin el economista credit might be a currency, but it will never be money understood as a present good. A sound monetary theory has to be unmistakable clear on this: Now, regarding counterfeiting and fraud, I do not agree with Michael. From a theoretical point of view, fraud, theft and counterfeiting are not very relevant, specially when we talk about money or currency.
Because all kinds of currency will always be subject to these risks, including Bitcoins. Also, any bearer currency such as Bitcoins or physical gold coins, are inherently sensitive to theft. I also disagree with Michael regarding clearing services i. I think it will be very hard for Bitcoins to have a wide success with no clearing services at all. Even transactions involving electronic currencies can be complex and expensive processes, which could certainly be simplified by clearing services.
Bitcoins could be an excellent pressure to change these laws since they are best suited to work without these institutions, but I have no doubt that Bitcoins would perform better with those sound clearing services. Also, not all the people have enough knowledge to handle all system security needed to protect bitcoins, and would prefer to ask for a custody service, even giving up anonimity but on the other hand improving security. A free market surely would cover all needs, and I think this need for security and the aforementioned need for clearing services will always exist.
I am writing this post in english because I think it might be interesting to a lot of bitcoin supporters. Since Mises stated this requirement on his Regression Theoremall austrians think that this is a necessary precondition for money. In fact, in my opinion using gold as an ornament was a primitive form of minting what already was perceived as having good monetary properties.
Utility is what renders value, not the opposite, and money is not an exception. Therefore, from a theoretical point of view we must consider the Regression Theorem as unnecessary because monetary utility is valuable enough by itself. The need for liquidity is the need for certainty on future exchanges, and certainty is impossible to accomplish completely.
So there is no need for previous industrial utility for a good to become money and the use of BitCoins is a categorical demonstration. And by any means this does not imply that any medium of exchange might be qualified as money, as we will see shortly. The economist Carlos Bondone demonstrates how the Regression Theorem is unnecessary to explain the value of currency, pages through of his book Theory of Economic Relativity.
This is a brief summary:. Indirect medium of exchange and unit of account. As I see it, BitCoins do qualify as money when they are used as currency — which cotizacion bitcoin el economista actually are — because they are present goods, the same way that software or an mp3 file are also present goods. Cotizacion bitcoin el economista perceived utilitiy of these properties is what makes Bitcoins valuable. Purchasing power is a consequence of utility, not the opposite.
It would make the BitCoins value more stable if they could be used for a non monetary purpose. Maybe some cryptographic application? I think that it would be a good idea for the BitCoin community to research for a non monetary utility for the BitCoins. BitCoins are not risk-free, as nothing in life is risk-free. El economista prudente Just another WordPress site. Las Bitcoin siguen dando guerra Enviado por eleconomistaprud el octubre 2, 24 comentarios.
On his first answer, he talks about a disastrous hack against Bitcoins. Besides it is zillions of times cheaper cotizacion bitcoin el economista to steal Bitcoins than trying to compromise its architecture, the same way that is much easier to steal gold than trying to syntethize it, or even mine it. Regarding Bitcoins price unstabilitywell to make a fair comparison to gold we would have to know how much gold fluctuated when it cotizacion bitcoin el economista begun to be used as an economic good.
The market does not discover the price of any good inmediatly, it is a process that takes time. Bitcoins are scarce information, represented by bits. Information is definetly durable as long as civilization endures. Of course gold will outlive humankind, but trying to guess the value of anything after humankind is destroyed, is cotizacion bitcoin el economista pointless.
They are cryptographic information bundled in a computer file, whose property is anonimuosly recorded in a distributed property registry.
They are divisible because cotizacion bitcoin el economista design allows them to be. Do bitcoins have value themselves? Here is the big issue. As Carl Menger demonstrated all values are subjective and always depend on the perceived utility of the economic good. This is not counting other utilities that the market might discover or not for Bitcoins i. Besides, what would be the value of gold if for whatever reason it becomes completely useless as medium of exchange or store of value?
But, what kind of event would make gold lose its utility as a medium of exchange? You own them, with egold you have a claim for gold. It is not the same thing.
Here the main difference is that gold is cotizacion bitcoin el economista while Bitcoins are not. Bitcoin is intanglibe itself, but careful, being intangible does not mean less valuable. Trying to shut down Bitcoins would be a very similar story to that of emule, bitorrent and the like.
In fact, these p2p systems have forced a deep change on the music industry. Mises wrote the following on his Theory of Money and Credit chapter 8: If the following statment is inconsistent: Bread is useful as food because is valuable as food. So is this cotizacion bitcoin el economista Currency X is useful as a medium of exchange because it cotizacion bitcoin el economista value. The fact is that all economic goods have value because of its utility: Bread has value because cotizacion bitcoin el economista is useful as food.
Currency has value because it is useful as a medium of exchange. This is a brief summary: Present good used as currency wheat, gold, silver, deposit certificates of gold or silver, etc.
Any currency that is not money, it can only be credit. Then there are the following types of credit currencies: When the present good that cancels the debt is specified, ans so is its quality, quantity and due date. This is the case for real bills or old bank bills that where redeemable for gold or silver. When the present good that cancels the debt is not specifed or its quality or its quantity or its due date.
This is the case cotizacion bitcoin el economista fiat currencies such as dollars or euros. Archivos febrero octubre noviembre octubre julio junio enero diciembre noviembre octubre septiembre agosto julio junio febrero enero