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Smiling Dave, you can't even formulate the premises or the question in a coherent manner, so any resemblance of a "proof" has a long way to go.
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Adam, the underlying mechanism of the Gresham's Law isn't in appreciation/depreciation, but overvalueing/undervaluing through the state (i.e. price fixing). That results in two markets, one with a market price and one with a different price, and creates an arbitrage opportunity, which results in the artificially undervalued money flowing to
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[quote user="ToxicAssets"] Okay, but what quality of a full-commodity is lacking on bitcoin? Or, rearranging the question, commodities are something more than non-unique/homogenous economic goods, that is, goods that are distinguishable only by quantity and standardized quality grades, and for which there are organized markets specialized
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[quote user="ToxicAssets"] Let's make it simple: Is bitcoin a commodity? If not, why not? [/quote] That's a difficult question. I probably wouldn't describe it as commodity, rather maybe quasi-commodity or commoditised service. It's more helpful to ask if bitcoin is a good. According to Menger, a good must have four requirements
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[quote user="John James"] ...However, I still stand by my point that all those accolades you listed have been easily replicated by people with literally no expertise whatsoever. (Seriously, just read some of the things Holiday was able to do.) So while they may sound good on a bio page, they're not altogether that impressive. [/quote]
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I don't understand the comments. Smiling Dave essentially had said that its's entirely irrelevant how many people actually use Bitcoin as long as he arbitrarily decides that it's not enough, and that his own judgement preempts all the empirical data as well as anecdotal evidence. He did this several times, when I provided data about velocity
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[quote user="Vanitas Nomen"] And, that insult Peter Surda threw at Smiling Dave seems even less clever now. [/quote] I don't know what sort of weird authority fallacy this is, but just FYI, I've not only been quoted/republished on blogs, but have been quoted in magazines, radio, there are interviews with me on youtube, I lecture about
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[quote user="Nielsio"] A speculator is not just buying without information and then hoping it goes up; that would be a losing strategy. [/quote] Correct. In my model, the speculator bases his activity on the assumption that the market price will be volatile. He'll set up walls around the current price, and people who are trying to buy
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[quote user="jmorris84"] So you believe that Bitcoin could become money because it "decreases transaction costs" and it is more resiliant, in your opinion, against "attacks from banks and the state?" [/quote] I do not know if Bitcoin can become money. I merely cannot exclude it for the time being. I have a more modest proposition
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jmorris84, I can do that briefly if you want, but you'll have additional questions and so on. I don't know if Bitcoin ever becomes money. However, Bitcoin already is a medium of exchange, and that's a success. In this function, medium of exchange, I expect its market share to grow, because it decreases transaction costs. I know the reasons