Bitcoin and Intrinsic Value: a Layman's Response to Alan Greenspan
Editor's note: Matt Mihaly, a bitcoin fan and entrepreneur, recently wrote this article in response to Alan Greenspan's recent comments on bitcoin. Alan Greenspan is an American economist who served as Chairman of the US Federal Reserve from 1987 to 2006. Mr Greenspan, I saw your recent comments regarding bitcoin on Bloomberg. I understand your skepticism - it wasn't until early summer of this year that I appreciated what Bitcoin represents as a force for disruption. When I first looked at Bitcoin in 2010, I thought it looked like a techno-novelty and would likely soon collapse. It did,....
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On Nov. 2, 2022, the American economist and 13th chairman of the U.S. Federal Reserve, Alan Greenspan, published an opinion editorial that says he envisions a monetary “tailwind” for the U.S. dollar next year. Greenspan expects this to happen even if the Fed decides to pivot its restrictive monetary policy to lower rate hikes or absolve them altogether. Greenspan Discusses Gresham’s Law and the Monetary ‘Tailwind’ Behind the U.S. Dollar Alan Greenspan shared his opinion on Wednesday in a blog post called “Gresham’s Law.” The former Federal Reserve chair described Gresham’s law....
This is a guest post by David Orrell, a mathematician and author of books including Truth or Beauty: Science and the Quest for Order (Yale University Press). He is currently working on a book about money. "I do not understand where the backing of bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it's a government or an individual." -Alan Greenspan. Is bitcoin money? To most readers the....
According to Alan Greenspan, Former Chairman of the Federal Reserve, the United States should revert to the gold standard in order to counter inflation. In a 36-minute interview for Bloomberg, Greenspan outlined how he believes that the current global financial situation, triggered by the United Kingdom’s exit from the European Union, is worse than any he has seen during his long career, and that hyperinflation could be imminent. “If you look at human history, there are times where we thought that there was no inflation and everything was going fine… The oil prices have had a terrific....
A YouTube video, “Bitcoin: The End of Money As We Know It,” explains the history, workings and potential of bitcoin. At just more than an hour in length, the video includes a film by Torsten Hoffmann that is not highly technical, yet it gives an overview of bitcoin that can be enjoyed by bitcoin veterans and understood by most people who are not yet familiar with cryptocurrency. The film includes interviews with many well-known bitcoin and financial personalities like Andreas Antonopoulos, author of “Mastering Bitcoin,” and Alan Greenspan, former chairman of the Federal Reserve. Roger Ver,....
There is no shared opinion on whether bitcoins have intrinsic value or not. Some conservative-minded people believe that intrinsic value may only be possessed by seizable assets, although this obviously disregards such inseparable attributes of today’s realities as software or internet. Others assume that intrinsic value is the feature of such commodities as gold or silver because what matters is the way they are perceived and the history they have. The classic example, however, proves that a starving person would definitely attach more intrinsic value to a loaf of bread than to a piece of....