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What do you buy with it?
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It still isn't money yet. As it stands, I have about $2500 worth of bitcoin. Definitely interesting to see where this will go.
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I say that they are tokens because of the way they are used. Your definition of currency is anything that has been used in a transaction anywhere at anytime. That can't be true because there are barter transactions like that as well. Such as the use of salt in times past. Bitcoin is a token because of the way it is used. On SR, for example, vendors
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The only way to determine what bitcoins are is to look at the way they are used. They are not used as a currency, they are tokens, same as in a game arcade. I actually use bitcoins, so I know. None of the bitcoin promoters on this thread will convince me that bitcoin, as it stands today, is a currency because I know from personal experience that it
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I have read every post on this thread, and still do not think that bitcoin qualifies as money at this point. On the other hand, I agree with you that Rothbard would be pleased. If bitcoins are money, then are not tokens at game arcades also money? Or Linden Dollars from Second Life? If you look at the activity on the most prominent site actually using
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Anenome , I will assume that you are saying that bitcoin functions as money. I can easily prove that it does not function as money. Take the typical user of bitcoin . Actually, take ANY user of bitcoin . Bitcoin amounts for only a tiny amount of his daily transactions, assuming he needs to eat, purchase products and so on. If he is a vendor accepting
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What is bitcoin ? As many people pointed out, if it is claimed that bitcoin is money, it violates the regression theorem. Indeed it does. More importantly, it doesn't function as money. That fact is easily proven. I think that bitcoin is an intangible commodity. It is valued for its anonymity, low transaction costs, and so on. It certainly isn't