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"Fiat currencies are all backed. No, they really are: they will always buy one temporary relief from the thugs that issue it." ... ... And Bitcoin "is backed" by the little advantage of not having to pay those "reliefs to the thugs", in many circumstances, like taxes and inflation. That'd be worth some few tens of percent
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I have read your link "as a comic book". But I certainly get your point: Gold has a value even when it is not used as money by anyone. Bitcoin hasn't. Right? But neither has USD or EUR! Bitcoin is just a bit better than those fiat currencies. That's why people might wanna move from them to Bitcoin instead. Just like other money is
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And what's the intrinsic industrial value of gold, then? I think it was it's beauty. And that you could convince a girl to escape with you for it, away from her father's alternative marriage plans. As an eternal indestructable proof of your love. What was ever constructed industrially with gold at the time it became money? Not even a piss
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Yes, anemone, Bitcoin has superior features compared to current fiat money, or even gold. I don't need to repeat those features for you here. Onions or whatever-coins are obviously inferiour. A Bitcoin is not a tulip. Government CANNOT crack down on Bitcoin, that's one of its main beauties and intrinsic values ehich might make it money some
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Oh, gold is just a fad. People like it just because it's shiny and sunlike. It never had any intrinsic value, it will never be money. It'll pass. In another 6,000 years or so anyway... Actually, Bitcoin has tangible competitive advantages over what is money today. That's why some think it might become money. It's not a collectors object
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I think you overestimate the significance of people trusting a central official formal institution, like the governmental banking system, promising stuff. People obviously use Bitcoin because they trust that they will be able to exchange them later on again. As I see it, Bitcoin's intrincic value is its potential to replace fiat currencies. And
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Someone should send Bitcoin on a USB memory stick to Ron Paul, so he can put it in his pocket. I think his instinct is to avoid a middleman between him and his money, and that it's a bit abstract to understand that Bitcoin has no middleman. Bitcoin is obviously designed to help people avoid the problems of fiat currency. That's its original
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Fair enough, I'll read up on the subject and (maybe) come back with more specific questions. However, your latest link about the usefulness of gold is ridiculous! It mentions jewelry, money use and "glass making". Also, of course, medical use as a placeholder since it doesn't do anything, but it could easily be replaced with plastics
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Like gold or not, it's a matter of individual taste. Like Bitcoin or not, it's a matter of individual taste. With stuff like food or fuel, which actually produce utility when it is consumed, things would be different. But neither gold nor Bitcoin can in themselves be consumed in (chemical) exchange for utility. Imagine Robinson Crusoe. Isn't
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Somehow this topic baffles me, I'll have to think harder to reach a conclusion. I'm not convinced either way. Couldn't, and according to anecdotes didn't, the initial value of Bitcoin have value because they were percieved as "cool"? Like the inital value of gold was that it was "cool". Pure gold, as our ancestors