From jamesd@echeque.com Fri Jul 6 02:32:15 2018 From: "James A. Donald" To: cypherpunks-legacy@lists.cpunks.org Subject: Re: [cryptography] Digital cash in the news... Date: Fri, 06 Jul 2018 02:32:15 +0000 Message-ID: <172289268498.3881296.5509153371670161694.generated@mail.pglaf.org> MIME-Version: 1.0 Content-Type: multipart/mixed; boundary="===============6475791170753884637==" --===============6475791170753884637== Content-Type: text/plain; charset="utf-8" Content-Transfer-Encoding: quoted-printable On 2011-06-11 1:58 PM, Peter Gutmann wrote: > I wouldn't call bitcoins digital cash. They're more like digital tulip bul= bs, Monetary value is always speculative. It depends on the expectation that=20 they will be used as money. There is a small but not totally insignificant chance that after fiat =20 monies collapse, the world will go bitcoin standard. There is a large =20 chance that the world will go gold standard. There are about ten billion ounces of gold in the world, therefore fifteen=20 trillion dollars worth of gold. This value only makes sense if there is=20 large chance that gold will be money. There are about three hundred million dollars worth of bitcoins. Therefore the market is valuing the chance that the world will go to a =20 bitcoin standard at The current value of gold looks about right to me. So the current value =20 of bitcoin is also about right - that all the gold in the world is worth =20 about five hundred thousand times all the bitcoins in the world. Which is probably a fairly conservative estimate for the prospects that =20 the world will go bitcoin. If the current price of gold makes sense, the current price of bitcoin =20 makes sense. I would recommend putting most of one's cashi in gold, and a tiny bit of =20 one's cash in bitcoin. _______________________________________________ cryptography mailing list cryptography(a)randombit.net http://lists.randombit.net/mailman/listinfo/cryptography ----- End forwarded message ----- --=20 Eugen* Leitl leitl http://leitl.org ______________________________________________________________ ICBM: 48.07100, 11.36820 http://www.ativel.com http://postbiota.org 8B29F6BE: 099D 78BA 2FD3 B014 B08A 7779 75B0 2443 8B29 F6BE --===============6475791170753884637==--