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My reaction to Gary North’s Bitcoin-Ponzi Scheme article

www.garynorth.com/public/11828.cfm

I have no ego tied up with being right on this. I’d rather be successful than right.

But I do think Gary North gets a few things wrong:

– “Nobody is going to be getting rid of an asset that has moved from $2 to $1,000 in one year in order to buy pizzas. People want to hang onto it, refusing to sell, in the hopes that it will go to $2,000.”

According to the data reported by merchant processor Bitpay, they see an INCREASE in commercial transactions when the price rises. Not a decrease.

– “In order for Bitcoins to become an alternative currency, there will have to be millions of users of the currency. There will have to be tens of millions of users of the currency. They will have to develop in a market on their merit as money, not as an investment of dollars in order to get more dollars back.”

There are currently hundreds of thousands, and I think that’s enough. It’s often easier to spend bitcoins than dollars. The albeit small market during the libertarian conference “Porkfest” has changed from using silver coins to bitcoins. That’s the free market choosing, though admittedly, it’s a small example.

– People are not buying it to serve as money; they are buying it because they are in the midst of a mania,

I’m sure this is true for the latest rally, but if you look back a year at what the bitcoin community thought the price would be, their predictions are actually pretty modest. It seems clear to me that they prefer bitcoin for its properties as a unit of account/medium of exchange. Not as an investment.
bitcointalk.org/index.php?topic=211874.msg2221868#msg2221868

– “Bitcoins are not increasing the division of labor.”

I issued stock in a book. I did it without an army of lawyers and a small fortune. Bitcoins hugely increase the division of labor. You don’t need a paypal or western union in between you and the recipient of your payment.

Anyway, that’s just my two c̶e̶n̶t̶s̶ satoshis.

CHOMSKY ON POSTMODERNISM

“Noam Chomsky is a mixed bag intellectually, but I like this quotation forwarded to me by Edward Fox”
CHOMSKY ON POSTMODERNISM

“There are lots of things I don’t understand — say, the latest debates over whether neutrinos have mass or the way that Fermat’s last theorem was (apparently) proven recently. But from 50 years in this game, I have learned two things: (1) I can ask friends who work in these areas to explain it to me at a level that I can understand, and they can do so, without particular difficulty; (2) if I’m interested, I can proceed to learn more so that I will come to understand it. Now Derrida, Lacan, Lyotard, Kristeva, etc. — even Foucault, whom I knew and liked, and who was somewhat different from the rest — write things that I also don’t understand, but (1) and (2) don’t hold: no one who says they do understand can explain it to me and I haven’t a clue as to how to proceed to overcome my failures. That leaves one of two possibilities: (a) some new advance in intellectual life has been made, perhaps some sudden genetic mutation, which has created a form of ‘theory’ that is beyond quantum theory, topology, etc., in depth and profundity; or (b) … I won’t spell it out.”


www.stephenhicks.org/2013/11/27/chomsky-on-postmodernism/

Swiss Reject Pay Cap, Seattle Town Tries $15 minimum wage

I’ve become a real fan of the Swiss. Seriously. First they rejected the Olympics, and now a high-pay cap. Amen. Europe needs more of this.

online.wsj.com/news/articles/SB10001424052702304011304579217863967104606

Meanwhile, a town in Seattle, just passed a $15/hour minimum wage law. I’ll watch with measured amusement:

www.businessinsider.com/ballot-measure-to-enact-15-minimum-wage-near-seattle-wins-narrow-victory-2013-11

Israel’s shameful treatment of Palestinians

Israeli pours putrid skunk gas over homes in occupied Palestine

Israelis ‘defecated’ in medical clinic “I’m not spreading propaganda,” George Stephanopoulos’ orthodox-nun sister vows, but Israeli soldiers last week “defecated” on the floors of a West Bank medical clinic they raided. They’re also looting Palestinians’ homes there, claims Sister Maria Stephanopoulos, a nun at the Convent of St. Mary Magdalene in Jerusalem.

Che in 10 Quotes

the-libertarian.co.uk/che-guevara-10-great-quotes/

1) “Youth must refrain from ungrateful questioning of governmental mandates. Instead, they must dedicate themselves to study, work and military service.”

2) “Youth should learn to think and act as a mass. It is criminal to think as individuals!”

3) “The victory of Socialism is well worth millions of atomic victims!”

4) “We must do away with all newspapers. A revolution cannot be accomplished with freedom of the press.”

5) “To send men to the firing squad, judicial proof is unnecessary. These procedures are an archaic bourgeois detail. This is a revolution! And a revolutionary must become a cold killing machine motivated by pure hate.”

6) “Hatred is the central element of our struggle! Hatred so violent that it propels a human being beyond his natural limitations, making him a violent and cold-blooded killing machine. Our soldiers must be thus.”

7) “The blacks, those magnificent examples of the African race who have conserved their racial purity by a lack of affinity with washing, have seen their patch invaded by a different kind of slave: The Portugese.”

8) “The black is indolent and fanciful, he spends his money on frivolity and drink; the European comes from a tradition of working and saving which follows him to this corner of America and drives him to get ahead.”

9) “I fired a .32 caliber bullet into the right hemisphere of his brain which came out through his left temple. He moaned for a few moments, then died.”

10) “I’d like to confess, Papa, at that moment I discovered that I really like killing.”