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5) Bitcoin does not violate regression theory. That is a description of how a monetary system must arise from a barter system in the absence of force. That is not the conditions that Bitcoin must incubate within. Presently, Bitcoin is bootstrapping against the many fiat currencies, and probably would not survive independent of those fiat currencies
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4) Bitcoin is a new form of monetary system. It has features similar to a LETS, but notable differences as well. Any attempt to compare Bitcoin to existing monetary systems is prone to error.
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3) Nor is bitcoin a fiat currency. By definition, a fiat currency is the legal tender of a geographic region by a matter of law. Bitcoin neither has such support, nor requires it.
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2) Bitcoin is not, and does not attempt to be, a money. Bitcoin is a currency. I would have thought that members of the Mises.org forum would know the differences.
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This is my third attempt to post, so I'm going to split this up. I'm shocked at the misinformation on this thread, so I going to correct a few errors... 1) Bitcoin is not a theory , it presently is.
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Whoever bet that Bitcoin would not make 10K users within 5 years will lose, badly, but there is no way to judge how many users there are. There are nearly 1000 members on the Bitcoin forum, and Google Trends says that Bitcoin is significantly more popular in Russian than English. BTW, the market rate for a bitcoin has been over a dime for over a week