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Hello Gavin - welcome to the forum! [quote user="Gavin23"] Does being a Austrian economists mean you have to be an Anarchist? This site is named after Mises who I believe was a Minarchist not an Anarchist (Right?) Further many notable Austrian economists such as Hayek, Peter Schiff and others are also Minarchists. So whats the relationship
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[quote user="RumblyElk"]Toward the beginning, I think your scenario is quite likely. Individuals would pay security providers for their services. Before long, however, security providers would start offering 'block bundles' in which a group of houses can all use the same provider together and get a discount. This would be cheaper for
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[quote user="z1235"] What if someone bought the whole universe? We'd be all screwed. Hence, a state. QED. (?) [/quote]
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Hi RumblyElk, welcome to the forum! I feel I can address your question. [quote user="RumblyElk"]In an anarchical society, the most likely scenario would be that there would exist buisnesses that own communities.[/quote] No, this is incorrect. What you're envisioning is not anarchy, but a patchwork of small states. In anarchy, the security
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Fr33 Aid has now become a Bitcoin-based organisation. From their website: [quote] Why did you choose Bitcoin for your financial operations? Bitcoin has many of the features we look for in banking: 1) Ability to conduct a variety of financial transactions. Fr33 Aid has accepted online bitcoin donations and offered our volunteers reimbursement in bitcoin
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jmorris, are you going to even attempt to answer my questions? [quote user="Graham Wright"]If the bitcoin userbase keeps growing as it has, then there is undeniably a possibility of it reaching that "commonly accepted" criterion that qualifies it as money. And if it is so useful for all the above things (and reasons that I haven't
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[quote user="jmorris84"]Ok, I see where you are coming from. Maybe I need to be more specific because I don't believe I was earlier. I was talking along the lines of bitcoins being used more widely as a medium of exchange to the point of being money. I don't see that being the case or ever becoming the case. This is really my only
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[quote user="jmorris84"] [quote user="Graham Wright"]Why do people use bitcoin as a medium of exchange? Because it lowers their transaction costs. What else do you need explaining?[/quote] Is it really being used as a medium of exchange though? From what I gather, more people are holding on to bitcoins rather then passing them around
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[quote user="shackleford"]Can you purchase any products with Bitcoins?[/quote] You can buy all kinds of things with them. Check out Bitmit and Bitcoinstore , the Ebay and Amazon of the bitcoin economy, and this article: Where to Spend Your Bitcoins . There are directories full of places offering goods/services for bitcoins (e.g. here , here
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[quote user="jmorris84"]Like I've said before, it doesn't take a 90 page thesis to explain why things like gold and silver or even fiat have been used as money.[/quote] Why do people use bitcoin as a medium of exchange? Because it lowers their transaction costs. What else do you need explaining?