[ExI] Bitcoin

Mirco Romanato painlord2k at libero.it
Tue Apr 16 18:44:19 UTC 2013

Il 15/04/2013 19:27, Gordon ha scritto:
> Eugen Leitl <eugen at leitl.org> wrote:

>> You're describing investment schools of thought. I was talking about how dumb 
>> money actually operates. These features are timeless.

> Many economists would disagree that the concept of "dumb money" has any
> meaning.

In fact, who want "Smart money"?
It would spend you instead of you spending it.

> According to some, the markets always behave rationally and/or
> efficiently, as per the Efficient Market Hypothesis.

The Market allocate scarce resources using the market prices to signal
scarcity or excess of production, allowing the coordination of the
different lines of production.
Sometimes, the best allocation of resources is to store them away for
the winter or unexpected surprises.
But this do not like to our overlords, as they see all these as THEIR
idle resources.

> I thought Mirco
> wanted to argue along those lines, but he also recognized in his last
> post that "selfishness" (greed) is a factor. 

The point of Keynes to talk about "Animal Spirits" was to have people
think it was possible to manipulate people to repress their bear spirit
and unchain their bull spirit.

Unfortunately it is impossible to have people doing something against
their will and interest for a long time.


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