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I'm actually quite encouraged by your lack of a reply. It speaks volumes. :)
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"Gold's intrinsic value does not depend on others buying into it." Muddling terms again. Gold's intrinsic properties do not depend on others "buying into it" but gold's value, which is subjectively and externally attributed, most certainly does.
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You seem to concede in your first link that "intrinsic value" is a muddled use of the term so let's dispense with it once and for all. Intrinsic: Of or relating to the essential nature of a thing; inherent. If the value of gold, for example, is intrinsic then it must have value to everyone at all times, since the value itself is inherent
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"...this implies that bitcoin does depend on others buying into it" Everything, gold included, depends on "others buying into it". That's just another way of saying others value it. Just like gold, bitcoin has intrinsic properties (certain mathematical properties as opposed to certain molecular properties) that people subjectively
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"That is a good litmus test for intrinsic value." I'm tired of seeing this term. Please clarify which you believe: Value is intrinsic or value is subjective. They are mutually exclusive. Pick one.
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It's fundamentalism like this (spouted off as "truth" -- a highly subjective conlusion) that causes many rational people to shun Libertarianism altogether. In one instance people read how it is the most peaceful and civilized way to live and then they read stuff like this -- that parents can murder their own children with virtual impunity
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I'm sure many of you have already seen this as it has been spreading on the internet like wildfire: http://www.youtube.com/watch?v=94lW6Y4tBXs# He needs to come over here and say the same thing to our current administration.
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Most definitely the IRS will go after it. Hell, even virtual worlds like Second Life were invaded by the long arm of the law: http://secondlife.com/corporate/vat.php
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I came across this story while browsing Drudge: http://www.chicagotribune.com/business/chi-talk_moneydec03,0,2902061.story We're obviously not at a tipping point yet but the cracks in the dollar are starting to show. If this catches on I wouldn't be surprised to see a very hard stance taken by the Federal government.
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[quote]I second the suggestion that you search for threads pertaining to this subject. It will be easier for both you and us if you take that shortcut. But in addition, I'll offer you an essay written on this subject which sums it all up in one neat package. http://mises.org/story/1855 [/quote] Thanks for the link. I read that entire article and