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This is probably the first Wall Street commentary on the idea of cryptocurrency, a critique of my bit gold proposal by @DonLuskin, only a few months before Satoshi released his Bitcoin white paper.
https://web.archive.org/web/20080515022027/http://www.poorandstupid.com/2008_04_13_chronArchive.asp#3079142232624095259 …
"one of the strangest proposals I've ever seen for monetary reform...Gold is a good claim because it is itself goods and services -- it represents the opportunity cost of digging up and refining more gold...But why is evidence of past expenditure of computer power valuable?"
Humble pie is a dish best served cold.
Actually I give @DonLuskin kudos, he was way ahead of the rest of Wall Street in first, finding the idea out there in the sea of bizarre ideas on the internet, and second, finding it even worth commenting on.
I agree, he was asking exactly the right question VERY early. Maybe he didn’t answer it correctly but there is honor is being at least on the right topic. He wasn’t discussing pronouns and quotas, for instance. Thanks for sharing this history.
The very idea of work as a measure of value is the basis for currency. Also, gold is not good or service in and of itself, it is a means of exchange. It only requires work to obtain (like bitcoin). Now, it's just about physical labor vs mechanical... Gold still doesn't win.
Work in & of its self doesn't = value. I could spend weeks digging a hole in the back yard that no one would give a hoot. Value is derived from a combination of network effect, utility, scarcity and hard work. Gold & bitcoin both fit nicely, both have different virtues #DropFiat
Nice gem in there. 12 days before BTC white paper predicting bitgold futures and case for digital gold as a SOV https://web.archive.org/web/20110715041625/http://unenumerated.blogspot.com/2008/04/bit-gold-markets.html …
Yeah it's sad that projects like bit gold and digicash where so close to cracking the nut. But at the same time both Nick and Davids work as well as many others play such an important part in the story of human financial freedom and getting back to asset based money / currency.
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