That's nonresponsive to Cowen's point, which is that as soon as Bitcoin stops being an efficient way to conduct anonymous transactions (and "probably before then"), Bitcoin's scarce fiat currency will be worth near zero.
You say, "yeah, sure, but scarcity matters". Well, actually, Cowen says it doesn't in this case.
Well, actually, Cowen says it doesn't in this case.
Can I (bit)coin the Tyler Cowen fallacy?
So Tyler Cowen says it doesn't matter? Frankly, I have a hard time trying to remember when it was last time that I heeded to TC financial (or other) advice. Maybe, when that moment will come people will just not bother asking TC what they should do.
You are refuting a straw man appeal to authority instead of the actual argument, which is so short it fits in just a couple of sentences and is included in its entirety upthread.
Your/TC argument above mistakes a handy feature of bitcoin protocols for the whole thing, and then argues than as soon as that feature will be replicated everything will be lost.
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he isn't dignifying the notion that scarcity automatically connotes value
Sure. But if we are speaking about competing mediums (media?) of exchanges, scarcity matters. Not the only factor that matters, but one of.
That's nonresponsive to Cowen's point, which is that as soon as Bitcoin stops being an efficient way to conduct anonymous transactions (and "probably before then"), Bitcoin's scarce fiat currency will be worth near zero.
You say, "yeah, sure, but scarcity matters". Well, actually, Cowen says it doesn't in this case.
Well, actually, Cowen says it doesn't in this case.
Can I (bit)coin the Tyler Cowen fallacy?
So Tyler Cowen says it doesn't matter? Frankly, I have a hard time trying to remember when it was last time that I heeded to TC financial (or other) advice. Maybe, when that moment will come people will just not bother asking TC what they should do.
You are refuting a straw man appeal to authority instead of the actual argument, which is so short it fits in just a couple of sentences and is included in its entirety upthread.
You sound very insecure about your point of view.
Your/TC argument above mistakes a handy feature of bitcoin protocols for the whole thing, and then argues than as soon as that feature will be replicated everything will be lost.
Well, good luck with that.