Dec 192013
Bitcoin, the Greater Fool's Gold

In a recent blog post, Bob Murphy succinctly asks a question that seems to get at the heart of the disagreements between Bitcoin proponents, and Bitcoin haters like me: There are people claiming that Bitcoin’s non-monetary price is zero, and hence if it’s trading for anything at all, it is in a bubble. But by that logic, gold’s non-monetary price might be (say) $250, and so if it’s trading right now for $1,250, then $1,000 […]

Dec 122013
Going to bat for Peter Schiff

I’ve been kindly invited by Drew to guest write here, as an ambassador for Bitcoin haters everywhere. I thought it was good timing, as Peter Schiff’s video critiquing Bitcoin in terms of gold has made the rounds. I think Peter gets the point, but doesn’t anticipate all of the counter-arguments that the Bitcoin proponents have prepared. Here I will try to fill in the gaps a little for him. I think it’s a bad sign for Bitcoin that […]