I am an experienced Bitcoin gambler and I like the odds to be in my favor, but LuckyBitcoinCasino has other ideas. Stay away from them and keep your Bitcoin safe unless you like being ripped off by some backyard operation posing to be a “good” Bitcoin casino. However, professor White still thinks like an economist. But I’m skeptical whether an alternative would come from an economist or a financial expert, or even be recognised by them once it appears. Therefore, a critique of Bitcoin, even if valid, still would have to explain what better alternative there is available to provide liquidity. As Daniel Krawisz explains in “Bitcoin’s Shroud of Subtlety and Allure”, even if a person has a logically correct objection against Bitcoin, they are still motivated to accumulate it. Only the second person uses Bitcoin as a medium of exchange. Bitcoin Maximalism, for an engineer, is an ideology accompanying Bitcoin in order to preserve and enhance its resistance to dilution and censorship.
Resistance to dilution and censorship should be the top priorities if you want to get rid of fiat. That’s how you get transparency and influence the policy. LuckyBitcoinCasino made me lose all faith in online gambling using crypto currency, because it’s so easy to get scammed and ripped off, which is what happened to me. It just means that if people are using X to be liquid, and X stops being able to provide liquidity, they will look for a substitute, Y, to remain liquid. This is more of a general complaint about people writing about Bitcoin. Sometimes I wish I was more careful with my Bitcoin and that I wasn’t as trusting with BTC casinos as I am. Here are some examples of what non-engineers think about Bitcoin. From the point of view of finance and microeconomics, for that person, both are equivalent. Similarly, during the webinar, one of the participants asked (I’m paraphrasing both the question and answer) “I don’t care about price stability, why is it relevant?”, and White replied “If more people think like you, then Bitcoin may become money”. Does the last one look familiar? It’s hard to miss because you don’t notice how much you’re NOT winning until you actually stop for a moment and take time to look at your gambling history.
I can’t believe I didn’t notice my small winning earlier than I did. I would have thought that when you bet small you win small, and if you bet big you win big. A person who would come up with such a solution would have to understand the problem and propose and implement said solution. I am not a big fan of online reviews, but after checking some of LuckyBitcoinCasino’s reviews I found out that other gamblers had the same problem with these con artists! I may entertain an argument that a central bank’s plan is to stabilise the price level, but that is an entirely different problem. At the very least, people do not always choose the money based on price stability. Ever since I started studying Bitcoin over a decade ago and read articles and books about money, I was getting a bit suspicious about the argument, often repeated by people criticising Bitcoin, that people choose money based on its price stability. Or, it was implied earlier, as a proxy variable for something else (e.g. stability of the money supply), and the emergence of Bitcoin got people confused. Therefore, in order for Bitcoin to succeed, your complaints must be rejected.
Everybody must see gold coins changing hands, must be used to having gold coins in his pockets, to receiving gold coins when he cashes his paycheck, and to spending gold coins when he buys in a store. When you ask why the gold standard failed, you’ll receive a different response depending on the background of the person responding. However, I found too little evidence for that in the books I read or in evaluating historical events. However, it isn’t clear to me to what extent he thinks it’s a catalyst, rather than just a symptom, of the monetisation process. John Paul Koning thinks that Bitcoin is a gambling tool with a potentially positive expected value. I signed up for an account with them, I deposited 2.5 Bitcoin in it to start with and played my first game. This reduces the transaction cost benefit of using Bitcoin substitutes. Analysing the act of payment isn’t helpful, instead we need to investigate the motivation of the payer, which is ultimately obscured from direct observation (maybe we could observe it using an MRI brain scan) and can only be inferred indirectly.
