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[quote user="Graham Wright"] [quote user="jmorris84"]Like I've said before, it doesn't take a 90 page thesis to explain why things like gold and silver or even fiat have been used as money.[/quote] Why do people use bitcoin as a medium of exchange? Because it lowers their transaction costs. What else do you need explaining
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Something doesn't suddenly "become money" unless you mean by legal fiat. For bitcoin, it becomes money when it is used as such, to facilitate exchange. Thus it's money for you if you use it as money, and not money for those who haven't yet. It's praxeologically money when used as such. When a large number of people begin using
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This is some twisted thinking. I don't know why all your examples are about sex...
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It was $266 at the highest a day or so ago :)
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Bitcoin gains 134% in 12 hours, $54.25 ---> $127
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U.S. Economy Grinds To Halt As Nation Realizes Money Just A Symbolic, Mutually Shared Illusion WASHINGTON—The U.S. economy ceased to function this week after unexpected existential remarks by Federal Reserve chairman Ben Bernanke shocked Americans into realizing that money is, in fact, just a meaningless and intangible social construct. What began
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"As to the tome.... wow. That price is preposterous." Textbook, probably.
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[quote user="matt_kyle"]Prices where you live change on a daily basis? [/quote] Not when you transact in the unit of account.
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Mining confirms transactions, so in a way he's right. This happens on average once every 10 minutes. But to double-spend is still really hard, as the earliest broadcast transaction gets added to a mined block.
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