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  • Re: Is BitCoin the currency of the future?

    filc, In the Austrian terminology, money has a very specific meaning. Government fiat are probably examples of currencies, but they are not money according to the Mises' regression theorem. Currency is not an Austrian term, in fact I am not aware of any solid definition of "currency", so there is no clear way to conclude if Bitcoin is
    Posted to Economics Questions (Forum) by Peter Šurda on Mon, Jun 13 2011
  • Re: Is BitCoin the currency of the future?

    Why is it so important what it is? It's interesting. I don't have the urge to classify it in order to analyse it.
    Posted to Economics Questions (Forum) by Peter Šurda on Mon, Jun 13 2011
  • Re: Is BitCoin the currency of the future?

    filc, if anything, it's some of the Austrians who object to Bitcoin that usually attempt to bring up the topic of money although the other party never mentions it. Bitcoin does not fit either into the Austrian definition of money nor fiat. A proper scientist would recognise that and start analysing it using other available tools. This thread is
    Posted to Economics Questions (Forum) by Peter Šurda on Mon, Jun 13 2011
  • Re: Is BitCoin the currency of the future?

    filc, once again, slowly. [quote user="filc"] In that case what exactly is your argument? And what does it have to do with mine? It sounds as if my argument has nothing to do with you, yet you responded to me as it if does.[/quote] My argument was posted above, as a reaction to Clayton. You initiated a debate with me by responding to it, apparently
    Posted to Economics Questions (Forum) by Peter Šurda on Sun, Jun 12 2011
  • Re: Is BitCoin the currency of the future?

    Filc: [quote user="filc"]You must not be aware of what money is.[/quote] I already said that the question of money is not relevant with regards to the argument I'm making and explained why. I never made the argument that Bitcoin is money. Therefore, your argument is circular: it is only relevant if the concept of money is relevant for
    Posted to Economics Questions (Forum) by Peter Šurda on Sat, Jun 11 2011
  • Re: Is BitCoin the currency of the future?

    NidStyles, [quote user="NidStyles"]Bitcoin fail's the one test that makes money money, it's not Fungible.[/quote] I believe to have successfully argued that the question whether Bitcoin is money or not is insufficient to determine its success or demise, as other questions take precedence. See for example my posts here: http://blog
    Posted to Economics Questions (Forum) by Peter Šurda on Sat, Jun 11 2011
  • Re: Is BitCoin the currency of the future?

    [quote user="filc"]It may indeed be widely used as a legitimate laundering mechanism but thats besides the point.[/quote] It is also unlikely, since Bitcoin is pseudonymous rather than anonymous. [quote user="filc"]As far as economic discussion is concerned, determining exchange ratio's and analyzing historical exchange ratio's
    Posted to Economics Questions (Forum) by Peter Šurda on Sat, Jun 11 2011
  • Re: Is BitCoin the currency of the future?

    Clayton, I think you are missing the obvious. Let me requote Lew Rockwell: Just imagine what would happen if legal tender laws were repealed and the government stopped intervention in the market for money. Virtually overnight, we would see the appearance of hundreds if not thousands of new payment systems and alternative monies online. Merchants would
    Posted to Economics Questions (Forum) by Peter Šurda on Wed, Jun 8 2011
  • Re: Don't buy Bitcoins (video)

    Nielsio, I think you got the argument almost right. I agree with your application of the Austrian School up to the point where you say that Bitcoin does not have non-monetary uses. I think you are prematurely jumping to conclusions. I submit that Bitcoin does have non-monetary uses other than speculation. The same laws that give the government the power
    Posted to General (Forum) by Peter Šurda on Wed, Jun 1 2011
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