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[quote user="eliotn"] For those who are interested, the book can be read online at mises.org here: http://mises.org/document/4336/ Interestingly enough, Ludwig Von Mises himself wrote the foreword to this book. [/quote] Dude! You rock! [quote]- some judge who served in Peru in the sixteenth century, made mention that with the removal of a
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[quote user="jmorris84"] Right. Why be bothered by the fact that you'll never purchase anything with a Bitcoin, which happens to be an important function of money. [/quote] Hello. Guy right here who has purchased things in bitcoin. Get lost.
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[quote user="shackleford"] Do the vendors adjust their prices according to the exchange rate? [/quote] Bitpay allows a vendor to price in dollars and the bitcoin price will be updated in realtime to match the exchange rate, minimizing exchange risk for a vendor that wants to keep the dollar as their unit of account, as most will (initially
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[quote user="jmorris84"] I'll check back every so often to see if you've told us a few things that you've purchased with Bitcoins. :)[/quote] I'll give you one, just to see the look on your face. I once bought a month of Reddit gold with bitcoin. Your move.
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[quote user="jmorris84"]This whole Bitcoin thing is starting to get weird. So many advocates for it, calling it money, and not a single one that I've ever come across has ever even used the damn thing to buy anything.[/quote] I've never bought anything with the Chinese Yuan. Does that mean it's not money?
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[quote user="jmorris84"]I was talking along the lines of bitcoins being used more widely as a medium of exchange to the point of being money. I don't see that being the case or ever becoming the case. This is really my only argument against bitcoin and others who see it differently then that.[/quote] The 'commonly accepted' argument
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[quote user="Smiling Dave"] 1. About the Yap Island money. They present no theoretical difficulty, satisfy the regression theorem perfectly, and have nothing whatsoever to do with bitcoin. They are valued for their prettiness [= not applicable to bitcoin][/quote] Ever heard of the beauty of math? Many geeks and early adopters wanted bitcoin
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[quote user="Smiling Dave"] Attention all bitcoiners. Send all your hate mail to Professor Shotak from now on. He argues exactly what I have been saying for years, only better. http://mises.org/daily/6411/The-Bitcoin-Money-Myth [/quote] He makes some pretty silly assertions and conclusions. "Observe that a bitcoin is not a thing; it is
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A thing that becomes money needn't have commodity value originally. All it needs is value originally, whether commodity or some other kind of value. This point is obscured by history because previous forms of money have often had commodity value. But that doesn't mean other kinds of money can't have had another kind of value. The giant money
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[quote user="Smiling Dave"] It's apparently a subtle topic, judging by the elementary blunders so many people are making. [/quote] I guess you don't understand how much of a douche this sort of thing makes you look. And you do it over and over...