Don't Buy Bitcoins

For more information against bitcoin see: http://vforvoluntary.com/bitcoin

Listen to the last 5 minutes (the Q&A) of:
The Economics of Legal Tender Laws (by Jorg Guido Hulsmann):
http://mises.org/media/1521

Learn about the full weight of legal tender laws and it's effects (historically and today):
http://www.youtube.com/watch?v=z-xR-xB84XQ

----------------

Bitcoin:
http://en.wikipedia.org/wiki/Bitcoin

Category:

Education

Tags:

• bitcoin
• pyramid
• scam
• do
• not
• buy
• gullible
• gold
• dollar
• fiat

[RevolutionRequired]

If you are going to talk about the law you should read it first. A federal reserve note is not a legal tender under the Constitution of the United States, which is in fact the supreme law of the land. Do your homework sir. Then make a video.

[Nielsio]

@RevolutionRequired As far as the economics of the situation goes, it doesn't matter what was written on paper a long time ago. What matters is what is enforced.

That does not mean that I endorse it; but you can't use what used to be an active law and apply it to today for economic analysis.

To find out what I endorse see my playlist on Money.

[dbb008]

Even the fake currency used in the game "World of Warcraft" has really world value *because there is a demand for it*.

[Nielsio]

@dbb008 But why is there a demand for it? Because WoW has given a solid promise that it will give you goods for them; at pre-specified prices.

[KATOMATE01]

seems like someone is afraid of the future...there is absolutely no difference between a bitcoin and a dollar...your acting like a dollar is worth something intrinsically as a tangible item...it's just a fucking piece of paper...get rid of the useless paper and you have bitcoins...

[d4m4s74]

@Nielsio There are multiple webstores (legal and illegal) which accept bitcoins, so what's the difference?

[RevolutionRequired]

@Nielsio You just implied that the law does not matter? Because regardless of when it was written it is the supreme law of the land. . .

[muntoonxt]

@KATOMATE01 Actually, bitcoins can turn into more than a dollar as demand goes up. (From what I can tell.)

[Sojournia]

@KATOMATE01 Correct. There is no difference b/t bitcoin and a dollar. Which is exactly why neither should be trusted. Bitcoins are no different than derivatives. It's just a 21st mechanism which allows the overall ponzi to grow dangerously larger. You'll see.

[hipersonhello]

BUTTCHIN

[IxMURDERFACExI]

Decentralized pyramid scam? Because someone is controlling them? Thing about free markets and trade through bitcoins and any other currency, is that free trade is good for everyone in the trade. Bitcoin mining is harder than printing money, and there is a cap on amount of bitcoins mined. Your telling people not to buy them, but they are more efficient than money, and once they reach the max amount, the price will skyrocket, and everyone who has some will gain.

[ohhs78]

whoever bought bitcoins when this video was made has made a nice profit now from its increased value:)

whoever had a few thousand dollars worth a few years ago are now millionaires.

its value has been increasing ever since, more as it grows, and its growing fast.

the only reason not to buy is fear of it shutting down or something, and that seems itll never happen.

also bitcoins is a nice way to buy whatever you want (like drugs,weapons or even normal online services or normal goods) anonymously

[willgadget]

Kurt Cobain killed himself one month after Justin Bieber was born..

He knew.