On Bitcoin

My thoughts on Bitcoin, originally a comment here: http://rwer.wordpress.com/2014/03/22/bitcoins/

Bitcoins are virtual gold, or maybe palladium. The have low use value, high scarcity, can’t be forged, and aren’t controlled by any government. They’re clearly designed to facilitate payments and store value. People aren’t obliged to accept them, but they do so voluntarily. Very few real-world vendors accept Bitcoins, making their use value low and uncertain, but the speculation is that acceptance will grow making them valuable. Currently they’re like an obscure precious metal, say palladium. Proponents hope they’ll become mainstream like gold, silver, money.

So are they money? They’re clearly an attempt at commodity money, like gold. Let’s assume the proponents/speculators are correct and they achieve broader acceptance. What are the implications?

Why I’ll vote against Scottish independence

I’ll be voting against Scottish independence this year. Here’s why. In Summary:

• The cultural vision is weak
• The specifics are bad
• It’s a terrible time to be doing it
• I don’t trust the offer, especially in this political climate

Background: I’m Greek and have lived in Scotland since 1988. I’d be in favour of Scotland becoming an independent Celtic state like Ireland, or joining Ireland. But I think the offer on the table by Alex Salmond and the SNP is bad in the specifics, and since we can only say yes or no to specifics it’s a no. Missed opportunity. I’d like to see a better offer by someone else.