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Peter, I'll answer you tomorrow. Busy today.
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[quote user="Peter Šurda"] ..As long as forex speculators think they can earn on fluctuations, there will be a full loop of demand and supply. [/quote] But what are they basing their speculation on? Again, you're assuming a steady demand to exist for this to be able to occur. So what actually drives the price of Bitcoin? [quote
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[quote user="Malachi"] [quote]Bitcoin has industrial direct use value? What is it?[/quote] secure durable pseudonymous cryptographic communications. [/quote] You said: "..one could easily assert that acceptance of bitcoin is based primarily upon usage. this is because bitcoin has industrial value." So people are accepting a bitcoin
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[quote user="Autolykos"] [quote user="Peter Šurda"]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
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[quote user="Peter Šurda"] Ok Nielsio, then I must have misunderstood your argument, and don't actually understand it. If you admit multi-step indirect exchange, then your argument about prices is rendered irrelevant. If you use Bitcoin as a transaction mechanism on top of fiat money, then the fluctuations of exchange rates are
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Aim the camera at your face. Upload to Youtube. Done.
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[quote user="Malachi"] [quote] With a market money or a government money, you are basing your acceptance and price speculation on usage. With Bitcoin, you are basing your acceptance and price speculation on future buyers who believe in Bitcoin as a money, and who further expect to find yet another person.[/quote] this is a very misleading
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[quote user="Peter Šurda"] 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
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[quote user="Marko"] [quote]The mistakes here are made by Ron Paul and by Tom Woods. The only way to make them rethink their decisions is to publicly point out the mistakes. They obviously don't understand the mistakes or else they wouldn't make them. No personal message to them will change their mind on it.[/quote] Gary North is not
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Internal criticism is extremely important. It is much better to have 'internal' criticism first of these kinds of issues than to be silent of them and have criticism come from the 'outside'. The mistakes here are made by Ron Paul and by Tom Woods. The only way to make them rethink their decisions is to publicly point out the mistakes