Thanks to everyone who replied. This is a lot of good information.
Sent: Thursday, May 27, 2021 at 10:59 AM
From: "Michael Meeropol" <[email protected]>
To: [email protected]
Subject: Re: [marxmail] Bitcoin
From: "Michael Meeropol" <[email protected]>
To: [email protected]
Subject: Re: [marxmail] Bitcoin
My "take" (and unlike some comrades I do NOT have "financial" expertise --- my economics is more historical and FISCAL (government taxing and spending) rather than financial) is that BITCOIN is like any other bubble "commodity" --- like the tulip craze in Holland centuries ago ---
It will "rise and fall" based mostly on irrational exuberance or irrational pessimism --- the relationship between the stock market (which in the short run is based on similar flights of fancy even though there are underlying REAL elements) and the real economy is summarized by this joking quote:
"The stock market is a great predictor --- it has predicted nine of the last six recessions!"
BITCOIN doesn't even have an "anchor" as stock prices allegedly do in the LONG RUN PROFITABILITY of the business the ownership of which is represented by stock certificates
If you are "sure" bitcoin will rise 20% over the next year (or fall 25% over the next six months) you are totally ignorant -- you cannot be SURE about anything that is so subject to mass subjective thoughts ...
The ONLY REASON Gold is more "safe" despite the incredible fluctuation in its value ever since nations stopped fixing the international price of monetary gold (that would be 1973!) is because of the residual "bellief" that it has some "intrinsic" value ---
I would stay away from bitcoin and other crypto currencies like the plague. And I would guess that the reason people are "playing at" investing in these things is because it LOOKS like another one of those get rich quick schemes --- and as with ponzi schemes, the first ones through the door make out like bandits (that was the idea behind the CHAIN LETTERS that were "popular" in the 1960s!)
My $.02
On Thu, May 27, 2021 at 8:22 AM <[email protected]> wrote:
What is the Marxist take on Bitcoin? When I first heard of it, my thought was that it was not more or less special than any other currency. It was a medium of exchange and a commodity at the same time, as any currency is. What accounts for its exorbitant price then? Is it just a bubble currency? Will it supplant gold as a safe harbor in times of crisis?
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