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  • Re: What Bitcoin is

    [quote user="Smiling Dave"]Bitcoin had, has, and will have, zero intrinsic value. Thus it can never start off a career as money. Thus it can never be a money at all, because you have to start somewhere, and it cannot.[/quote] The Euro never had intrinsic value. Yet, for some 300 million people, it is money. Therefore, your argument is incorrect
    Posted to General (Forum) by Peter Šurda on Tue, Oct 9 2012
  • Re: What Bitcoin is

    [quote user="Smiling Dave"]Please show exactly what line of the proof of the theorem is invalid, and why.[/quote] Since you have yet to formulate the theorem, I cannot address this. I addressed some auxilliary issues, which you also ignored. [quote user="Smiling Dave"]You did write some straw man version of the regression Theorem
    Posted to General (Forum) by Peter Šurda on Tue, Oct 9 2012
  • Re: What Bitcoin is

    [quote user="excel"]Overall, the maintenance and transaction cost of a modern monetary system is negligible compared to the physical (goods) part of the transaction, and with the centralization of money into banks their offering of interest on deposits and loans would cover this cost.[/quote] It is smaller, but it is still present. In a system
    Posted to General (Forum) by Peter Šurda on Tue, Oct 9 2012
  • Re: What Bitcoin is

    [quote user="Clayton"]So why can't we state the same thing for a digital banknote which differs only in the technology by which the note is implemented?[/quote] We can, but the transaction costs of such a system would be higher than a pure abstract monetary base, because the maintenance costs of the underlying property. Money substitutes
    Posted to General (Forum) by Peter Šurda on Tue, Oct 9 2012
  • Re: What Bitcoin is

    [quote user="Clayton"]In the present order or do you mean even sans government interference in money? The reason I ask is that the Bitcoin fanatics keep asserting that Bitcoin would be viable and would naturally arise in an unhampered market in money production.[/quote] In the absence of governments, Bitcoin would have it more difficult to
    Posted to General (Forum) by Peter Šurda on Tue, Oct 9 2012
  • Re: What Bitcoin is

    [quote user="Smiling Dave"]People are selling yen and buying bitcoin, then buying dollars with the bitcoins? Why would they do that?[/quote] I can comprehend your conflusion as you appear to conflate the (broader) transaction costs with the size of the network. Even if more people want either dollar or yen than Bitcoin, using Bitcoin for a
    Posted to General (Forum) by Peter Šurda on Tue, Oct 9 2012
  • Re: What Bitcoin is

    [quote user="Smiling Dave"]Due to the length of the article and the lateness of the hour, it will be in two parts. Here is a link to the first part. http://smilingdavesblog.wordpress.com/2012/10/07/bitcoin-and-the-numbers-game/ [/quote] Let me quote from it: [quote user="Smiling Dave"]... does that make playing cards a medium of
    Posted to General (Forum) by Peter Šurda on Tue, Oct 9 2012
  • Re: What Bitcoin is

    [quote user="Smiling Dave"]Must have missed it. Will you kindly provide the links to your two efforts?[/quote] The relevant is the last one: http://mises.org/community/forums/p/27611/493844.aspx#493844 [quote user="Smiling Dave"]I sure did, in my article [with apologies to Malachi] Bitcoin Takes a Beating [/quote] That's not
    Posted to General (Forum) by Peter Šurda on Tue, Oct 9 2012
  • Re: What Bitcoin is

    Smiling Dave, I formulated the regression theorem to you, twice, and showed how Bitcoin adheres to it. You have not formulated the regression theorem, you have not show which part of my argument is wrong. You lose.
    Posted to General (Forum) by Peter Šurda on Sat, Oct 6 2012
  • Re: What Bitcoin is

    No Smiling Dave, you can't wiggle out of your contradictions anymore.
    Posted to General (Forum) by Peter Šurda on Sat, Oct 6 2012
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