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  • Re: What Bitcoin is

    Another grave error by Smiling Dave: [quote user="Smiling Dave"]Mises proves, step by step, that an object cannot ever have use A alone.[/quote] Wrong. This is what he writes in Theory of Money and Credit: [quote user="Mises"]In the case of money, subjective use-value and subjective exchange value coincide. Both are derived from
    Posted to General (Forum) by Peter Šurda on Sat, Oct 6 2012
  • Re: Bitcoins *prove* Mengerian account of money creation?

    [quote user="AJ"] [quote user="Peter Šurda"]money is only the most liquid medium of exchange. Bitcoin does not fulfill this criterion (yet).[/quote] It does in some corners of the Deep Web. [/quote] Well, during my research I did a survey, and less than 1% of respondents (Bitcoin users) would fall into the category which could
    Posted to Economics Questions (Forum) by Peter Šurda on Sat, Oct 6 2012
  • Re: What Bitcoin is

    Smiling Dave, you just refuted your own former claims. By quoting Mises on saying that money is a common medium of exchange, it is necessary that uncommon media of exchange exist too. Media of exchange that are not money exist, and some of them are also more liquid than others. Human Action in section about secondary media of exchange elaborates on
    Posted to General (Forum) by Peter Šurda on Sat, Oct 6 2012
  • Re: What Bitcoin is

    And by the way, the best refutation of the "if people are free to choose, they choose commodity money" mistake is international trade. In international trade, people are free to choose what to use as a medium of exchange. And what do they use? They do not use commodity money. They use fiat money, with heavy leaning towards those that are the
    Posted to General (Forum) by Peter Šurda on Sat, Oct 6 2012
  • Re: What Bitcoin is

    [quote user="Clayton"] [quote]distinct appraisal process.[/quote] Wha? I guess this is another gem supposedly buried in Menger somewhere... [/quote] Actually I think this one is Mises or Rothbard or Salerno, when they analyse the money supply, but I can't find the quote now.
    Posted to General (Forum) by Peter Šurda on Sat, Oct 6 2012
  • Re: What Bitcoin is

    [quote user="Clayton"]Can you narrow it down for me? I haven't read it and have no idea what portion you're referring to.[/quote] It's a relatively short book. Unfortunately I don't have good quotes from it, you might need to read Principles of Economics as well. [quote user="Clayton"]Unbacked currencies will die
    Posted to General (Forum) by Peter Šurda on Sat, Oct 6 2012
  • Re: What Bitcoin is

    [quote user="Clayton"]But that's only true by virtue of government interference! There is nothing stopping gold/cash/etc. from being wired anywhere in the world using exactly the same protocol as Bitcoin itself.[/quote] You are mistaken. If the transaction costs of monetary base (Bitcoin) are sufficiently low, a system with money substitutes
    Posted to General (Forum) by Peter Šurda on Sat, Oct 6 2012
  • Re: What Bitcoin is

    [quote user="Smiling Dave"]Within the gambling establishments in Las Vegas you may be able to buy a drink with poker chips. But that does not make poker chips generally accepted, and it does not make them money.[/quote] Poker chips are at best a wannabe money substitute, they are not money in the narrower sense, since they are pegged to another
    Posted to General (Forum) by Peter Šurda on Sat, Oct 6 2012
  • Re: What Bitcoin is

    [quote user="Clayton"] The market cap of Bitcoin is infinitesimal. The number of people using it is immaterial. When Gramma Marge puts her husband's life-insurance windfall into Bitcoin Bank, then I'll agree that BTC is money. In the meantime, it's a lot of mental masturbation. [/quote] Yet, the acceptance keeps growing, and is
    Posted to General (Forum) by Peter Šurda on Sat, Oct 6 2012
  • Re: What Bitcoin is

    [quote user="Clayton"] That is not Austrian monetary theory - people choose their medium of exchange on the basis of its suitability for exchange . [/quote] Suitability for exchange = transaction costs. See Menger in Principles of Economics and On The Origin of Money.
    Posted to General (Forum) by Peter Šurda on Sat, Oct 6 2012
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