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[quote user="Smiling Dave"] BTW dvide, can I quote your whole post in my blog? [/quote] Yes of course. I promise not to sue for copyright infringement :) though Kinsella would point out how useless that promise is. I may take some time to respond as I have a lot of work I need to be doing tomorrow, and I don't much fancy thinking and writing
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Smiling Dave, You keep saying that Mises presented some sort of formal logical proof for why Bitcoin can't possibly work, but I don't see that anywhere in his writings, even where you purport to show it in your blog post (Bitcoin takes a Beating) with the passages you cite where Mises is explaining the theorem. What I see is Mises presenting
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But you're saying that the average person will argue back to me, 'It will only make me happy if there is a sucker willing to trade for it, even though he gets nothing out of it.' So, if the argument isn't contingent on the people who agree to accept bitcoins as being suckers in the first place, then I don't really understand what
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To call them fools and suckers in the first place is where you are begging the question.
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1. I don't know, this doesn't seem like a compelling answer to me. When does a pond become a lake? I don't see how you can draw an aribtrary line and say that's why. We also have to remember that Bitcoin was explicitly designed to be money, and we are standing on the shoulders of people like Mises. We already have sufficient theories
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Why do you continue to fixate on the value derived from the future consumption of a money good? This does not provide a full account. You seem to ignore the value that is derived from its use as a medium of exchange. You don't mention the vast increases in the standard of living that using a common medium of exchange brings to traders, in so much
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[quote user="justmoon"][quote user="Jörg Guido Hülsmann"]It would be extremely risky to buy a commodity for indirect exchange without knowing its past prices; as a consequence, the spontaneous emergence of a medium of exchange is virtually impossible whenever such knowledge is lacking.[/quote] This refers to the price emerging