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Nielsio, the main issue I see with your argument is the same as with Smiling Dave: you assume that indirect exchange has one step. But this is not supported by the writings of Austrians or by empirical data. Our current economy uses multi-stage indirect exchanges in the vast majority of transactions. Once we realise the possibility of multi-stage indirect
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[quote user="Anenome"] One day, Dave, you will buy bitcoins in order to purchase something online cheaper than you could for dollars or w/e. And on that day, you will know for sure that you were wrong. [/quote] I rather think that he'll refuse to buy anything with Bitcoin, rather he'll starve, hoping to prove that Bitcoin is not a
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Smiling Dave, please provide a quote to support your definition of a medium of exchange.
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Dave replied , and I replied back .
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New post on my blog, The contradictions of Smiling Dave .
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After I disproved Smiling Dave's arguments and exposed his contradictions, he deleted my comments from his blog. I thought you guys might want to know.
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By the way, this Monday, UT Mises Circle discussed my master's thesis and I was invited to participate. You can check out the recording: http://www.youtube.com/watch?feature=player_embedded&v=yzMgiAJ1b-E
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Blargg, Smiling Dave, I repeat, the liquidity of Bitcoin is already at a stage where it provides a comparative advantage (decrease in transaction costs) in an ideology-agnostic way. As new solutions are popping up every day and service providers are maturing, this is a strong hint that the network effect has reached critical mass. Whether people believe
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Smiling Dave, for the last time, Ithaca Hours are a (wannabe) money substitute, while Bitcoin is a (wannabe) money in the narrower sense. They are on a different position of the money classification tree designed by Mises. That's strike one. Also, Ithaca Hours do not decrease transaction costs, they rather promote the idea that increases in the
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Smiling Dave, AJ already posted the link to Doug French's article in November: http://mises.org/community/forums/p/31743/508963.aspx#508963 when you asked for it: http://mises.org/community/forums/p/31743/508842.aspx#508842 Either you're lazy to actually read the responses to your queries, or you're deliberately trying to derail the flow