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I think so. I didn't realize I did not post that link in this thread yet. It should address all the major points. Max Keiser thought the article was good enough to run on his site.
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They have all of the necessary properties of being a called a commodity and trade exactly like a physical commodity would trade. My full response: http://www.libertariannews.org/2011/06/06/libertarian-goldbugs-hating-on-bitcoin-free-market-money/
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I can't sell random strings of numbers for 18 real world dollars right now, unlike a bitcoin. Markets decide what has value and what money is.
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Bock reiterates about 20 times in that video that markets decide what money is, and if markets decide that bitcoins are money, then so be it. Block says money must always start out as a commodity, but that does not mean that money must always remain a commodity. Bitcoins are DIGITAL COMMODITIES - They are unique. They can not be arbitrarily replicated
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It's silly to compare this to the dutch tulip craze. Bitcoins do not degrade over time. Bitcoins can not be grown in nearly infinite amounts. Bitcoins do not take up wearhouse space or require delicate shipping methods Bitcoins are divisible to 8 decimal places and retain their value, tulips do not. In fact all the properties that make gold such
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So far I still haven't seen a single person present an argument that refutes the economic efficacy of bitcoins as a currency. It's the same thing being repeated over again - bitcoins aren't gold, therefore they are bad. Well no kidding they aren't gold. But they serve the exact same economic functions as gold. They ARE a market currency
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1. Bitcoin is not a fiat currency. Fiat means "by decree" and has value only because of government regulation or law. Bitcoin has value in the same way a Windows Operating System has value. It has all the inherent utility of gold and serves the exact same functions as gold in a monetary capacity, only unlike gold, it can do it over a wire
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Because new currencies are automatically accepted as payment everywhere. By the way, try exchanging some silver coins for merchandize next time you head over to Amazon for some books. At current prices, Bitcoins have around a 90 million dollar market capitalization. That is a lot of ching. You don't think retailers are gonna wanna part of that action
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I don't think the government is capable of shutting it down. The most they could do is declare transacting in it to be illegal, but since (with proper precautions), transacting in it can't be traced, making it illegal would simply be an excersize in futility. Further, the government would have to justify why it should be illegal while trade
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Hi all, I recently wrote an article on my blog entitled How To Use Bitcoin – The Most Important Creation In The History Of Man , in which I describe the peer to peer electronic currency Bitcoin and how to go about using it. I though I would share this with you all since it makes for some interesting discussion. For those of you who are unfamiliar