Is Bitcoin Money

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Is Bitcoin Money

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  1. There are no barter economie. There never has been. It's a pretty theory without evidence.
    IMHO Bitcoins value comes from the impossibility of counterfeiting the BTC or falsfying the chain of custody.

  2. It seems bitcoin is rising steadily. Awareness spreads, new services are created, new capital is injected. <$0.01 in 2009, $0.10 in 2010, $2 in 2011, $8 in 2012, $50 in 2013? etc…Why does stability vs. the dollar matter? If you believe wholly in bitcoin (not saying I do) then you believe it's theoretically possible for 1BTC to be worth, say, a million dollars of today's money. But should this theoretical rise occur, fiat currencies would simultaneously collapse all together. It's pretty heavy.

  3. Let me get this straight: money is tangible, currency is not necessarily tangible, bitcoin is not tangible, therefore bitcoin is not money?

    I've heard others define money as opposed to currency by it's ability to store value. Others still define it as the most marketable good for exchange. While bitcoin is not king of the hill in terms of tangibility, stability or popularity, it has advantages over fiat currencies that other forms of money, even gold and silver, don't have.

  4. 8:38 – You say bitcoin is irredeemable, but you also mention that bitcoin is not a debt instrument (5:21). How do you consolidate these two view points? Surely, something that is not a debt instrument – something that is not a promise to something else – doesn't *need* to be redeemable. Gold isn't redeemable either.

  5. With regards to your point about Schillings being exchanged for bitcoins, which, in turn, are exchanged for dollars – this is not inherent to bitcoin. This is how bitcoin is used *currently*. I imagine *all* new monies were used like this to begin with, including gold. Here's a question for you: if the guy in Kenya buys bitcoin with Schillings and sends them to WordPress, and WordPress *pays its hosting company with bitcoins*, would bitcoin thus be money? You can buy hosting with bitcoin now.

  6. 3:58 – Keith, you will have to expand on this point. I don't see how the labor theory of value or the quantity theory of money are inherent to Bitcoin. Gold mining also costs money, and there is a finite supply. I just don't get how you can ascribe a theory to an object. Humans use theories to explain reality, theory is not something that is possesed by objects (such as Bitcoin). Please expand on this.

  7. The video supplied all the arguments. I just shared my conclusions. I did not call no one names. BitCoin is an entity, not a person, and if you are so sensitive as to be offended by my opinion of it then you must be ether very involved with it or too much sensitive for youtube.

  8. I hate BitCoin. It will never be wildly accepted and it is way overpriced as of now. Is it currency of hipster geeks who can not afford gold and have invented a scheme to suck more gullible hipsters money.

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