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On 03/07/2014 01:00 AM, Louis Proyect wrote: > http://nypost.com/2014/03/06/bitcoin-firm-ceo-jumped-to-her-death-neighbor/ > > What does it mean that I have no idea what Bitcoin is? Am I getting old? My understanding is that at present bitcoin is an investment good for speculators, plus you can also buy something with it online and IRL as well. As a "universal" currency, it would be as backward as the gold standard, in that it doesn't make any sense to limit your political and economic options to some arbitrarily scarce circulating medium like gold or bitcoin (the algorithm of which is designed to generate only a limited number of bitcoins). If a society has the resources (means of production, qualified labour power, raw materials) to do something with them, but can't because there's only so much gold or bitcoins in circulation and we don't happen to have enough of it right now, it's absurd, as absurd as to say that we can't make any decisions when it's night. (I think the US debt ceiling show is also relevant here.) The real limit of economic and political decision-making is the really existing resources available to a society (and maybe the technologies that allow the collecting and handling of the relevant information for their coordinated, planned use). -- jjonas @ nic.fi ________________________________________________ Send list submissions to: Marxism@greenhouse.economics.utah.edu Set your options at: http://greenhouse.economics.utah.edu/mailman/options/marxism/archive%40mail-archive.com
