저자: RobertBreedlove · 외국인
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Breedlove는 금이 교환의 단위로 쓰인 역사적 진화 과정을 근거로 비트코인도 같은 경로(수집품→가치저장→교환수단→가격표시단위)를 밟을 것이라 주장한다. 비트코인은 공급이 2,100만 개로 고정되어 가격발견에 최적이며, 과거 4조 달러 규모 거래가 네트워크에서 청산됐다고 언급한다. 한편 Schiff는 비트코인 가격 변동성이 커서 가격표시 단위로 쓰일 수 없고, 디지털 금이라는 주장도 허구라고 반박한다. 비트코인 이익은 후발 투자자의 손실로 이전된 부의 이동이라고도 지적한다.
다듬은 글
is there any shortcoming that you would like uh to bring to Mr breed Love's attention when it comes to uh money being a unit of account with regard to bitcoin's utility yeah so for unitive account it would mean that you you keep track of prices and everything in money and you you can do that with gold I mean it's been done in the past I mean you could price products in gold in fact when currency was backed by gold a dollar price was a gold price in fact in the United States in the coinage act of 1789 uh the dollar was defined as a weight of gold it was a weight of gold or a weight of silver we had two monies that two metals that were legally uh constitutionally money in the United States so the dollar was defined two ways either as a specific quantity of gold or as a specific quantity of of silver and so all prices were obviously in gold and silver when they were in dollars because that's what the dollar was but in order for a money to be a unit of account right it it has to have a very stable value you know over time and particularly over shorter increments of time too because you're negotiating you go to a store and there are prices right this is $10 this is $12 this is $20 you know and the person who puts the price on the product is pretty sure that even if you don't buy that product the day that they put the price on there that if you buy it a couple days later they're still you know the dollars that you're going to pay are still worth what they were when they when they put the price but Bitcoin can be very volatile the price of Bitcoin can fluctuate five or 10% uh sometimes in a day generally it's not that volle but you never know nobody prices anything in Bitcoin you don't go to any stores you know even if you go to a Bitcoin conference uh and they're selling merchandise nothing is like this is 10 satoshi's this is you know whatever it's all dollars right nobody prices goods or services in in Bitcoin because you have no idea you know what the Bitcoin is going to be on any at any point in time it's just too volatile to be used in that uh as that you know as a unitive account so it's not and so that's one of the reasons it's not money I mean and in fact a lot of the Bitcoin Community will concede they say well yes Bitcoin is like it's not going to be a currency it's just going to be like gold right we're just going to hold on to it and and store it because you you can't really use it for any of those reasons it doesn't really work as a unit of account a media of exchange uh so it's going to be digital gold that's how they they've reinvented it as digital gold but it's not digital gold either that's just what they're pretending Mr Breedlove when it comes to a unit of account and Mr schiff's point about the significant volatility that Bitcoin has that gold does not necessarily uh what do you have to say in resp response yeah let's uh let's answer volatility next but I want to focus on unit of account for this response so yes based on my reading of the work of Economist William Jans he said that gold went through basically four evolutionary phases that initially it was a collectible then it was used as a again store value not a term that I like but something that's used to move purchasing power across time then once enough purchasing power had been stored inside of gold it started to be used as a medium of exchange and once its use as a medium of exchange became widespread enough people started to denominate prices in gold as well making it a unit of account so this is the evolutionary path of analog gold and I think Bitcoin will follow a similar path right initially it was a joke collectible you could go click these Bitcoin faucets online and get free 50 bitco eventually it established a market price pegged to the cost of production initially it then since become a very potent store of value or means of moving purchasing power and increasing purchasing power across time it's the fastest growing asset in human history and I think as more purchasing power is stored on the Bitcoin Network it is increasingly used as a medium of exchange the data would bear this out I want to say like fact check me but I want to say $4 trillion in transactions have cleared on the Bitcoin Network to date could be wrong about that and so once as Bitcoin becomes more widespread of a medium of exchange it will eventually start to be used as a means of pricing which is a unit of account so unit of account is basically the function of money that enables price Discovery and price Discovery is optimized to the extent that private property is strong right and unbreakable and so Bitcoin is like one of the strongest forms of private property meaning specifically an asset that is very difficult to separate from its owner and impossible to inflate I think it actually optimizes price Discovery and therefore maximally serves the function or optimally serves the function of a unit of account you could capture this in Wht Stein's ruler right the importance of the unit of account he says if you can't trust the constancy of a ruler that you're using to measure a table then you can't be sure whether you're measuring the table or the ruler right so we need something that is that is constant and inflexible in its Supply to quote unquote measure you're not actually measuring but you're appraising economic value in the marketplace and Gold's been good at that you know I think if you denominate things in Gold historically you can you can strip out the last 10 years of Fiat uh optical illusion Bull Run by just denominating the S&P returns in gold for instance and I think Bitcoin just perfects that by having all things denominated in a fixed Supply money which is fixed at 21 million we're going to do two the case you know everything's lost like 99% of its value so it's hard to say that Bitcoin is a good way to measure anything when it's it's just a massive speculative bubble I mean the the Market's not down 99% because you want to price it arbitrarily in in in in in in Satoshi you know well it is for those that have held Savings in Bitcoin prices of homes have declined 99% for me and my savings in terms of my savings no it's well not your savings but you bought a asset that appreciated faster right and so yes if you sell your Bitcoin yes I hats off to you if you got in 10 years ago and you wrote it all the way up I mean you know that's great you know that's great for you it's unfortunate for whoever buys the Bitcoin that you sell right your gain is their loss uh but yeah you know you got in early and and made a lot of money you know on on that but again the Bitcoin itself didn't create any value it's it's it's it's just a transfer it's a transfer of wealth from the people who get in late to the people who got in earlier I mean that's what's going on here if you enjoyed this clip click here for the full episode and hear for more just like it also like this video to help shine light on the corruption of 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