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Bitcoin—Just Another Bogus Medium of Exchange

http://www.lewrockwell.com

Bitcoin is apparently no better than a fiat currency.

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gokartgalaxy's picture
Created by gokartgalaxy 3 years 7 weeks ago
Category: Money   Tags:

Bitcoin is bogus???

Peppermint Pig 3 years 7 weeks 1 day 3 hours ago

The author is off base by suggesting that Bitcoin is a 'bogus' medium of exchange. ALL mediums of exchange are valid according to the fact that they are EXCHANGED, which implies a VOLUNTARY interaction. "A medium of exchange arises from something that had a material use/value in the market prior to becoming a medium of exchange" Market history does not dictate market future, which is a keynes-level boner of an idea. Author assumes there is no value precedent. Bitcoin is software. The components of the software which constitute bitcoin, including encryption technology, has a preexisting recognized value in the marketplace for other applications. In the future, more software may be developed to improve upon the value of the currency by increasing the movement and creation of capital. Is bitcoin a fiat currency? Yes. Is bitcoin involuntary? No.

Medium of exchange has to be used for something else?

phonon 3 years 7 weeks 2 days 8 hours ago

Says who?

A medium of exchange arises from something that had a material use/value in the market prior to becoming a medium of exchange, i.e., it was also a good being bartered for other goods and services.

Bullshit. The author is just declaring this, as if, by...fiat.

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