Why Bitcoin Is A Money

http://www.libertariannews.org/2011/06/06/libertarian-goldbugs-hating-on-bitc...

Category:

Education

Tags:

• bitcoin
• money
• rothbard
• mises
• economics
• scarcity
• fungibility
• divisiblity

[FreedomAtRisk]

@Nielsio you talk out of both sides of your mouth. your rothbard, "[Money] is simply a commodity. It differs from other commodities in being demanded mainly as a medium of exchange. But aside from this, it is a commodity--and, like all commodities, it has an existing stock, it faces demands by people to buy and hold it, etc." -M. Rothbard. Yes bitcoins are a commodity and fit his description. suck it nielsio

[MoneyIsSilver]

@zalida100 We live in a very parasitic world. Our current fiat system rewards people who obey and become parasites of the system.

Because the government can't award bitcoins to loyal followers, there are a lot of people who are scared to death of bitcoins because it threatens their lifestyle.

[93msinclair]

Great explanation. This is so obvious to me that it makes my head explode when I hear people say that gold has value as money, but that bitcoin is worthless. That's like being presented with two objects, each with exactly the same monetary properties, and then saying that the first has value as money because of its proerties, but the second has no monetary value despite having exactly the same properties. Pure madness.

[tantoi10man]

Sorry, but Money and currency are two different things. Bitcoin could make a decient currency. But bitcoin is pure trash when it comes to being a money.

[FreedomAtRisk]

bitcoin IS a commodity.

[christpunchers]

FYI: Nielsio is a shill. Try to make an rational argument that's completely against his anti-bitcoin views then your comments will either be deleted or you will be blocked.

[christpunchers]

@Nielsio Well, you seem to be comfortable voicing your negative opinions on other people's videos. How hypocritical of you.

[Nielsio]

I'm not approving your video because what you're saying about Rothbard is a lie.

In the video description of my first Bitcoin video I have extensive quotes from Austrians, including Rothbard. I suggest you take a look at it.

As far as your statement that gold sitting in vaults being somehow evidence that it's commodity value is not relevant, I suggest you look at the video: Conservation and Property Rights (by Murray N. Rothbard).

[zalida100]

@MoneyIsSilver Of course you are correct that there are many parasites. Bitcoin isn't a threat to any non-parasitic entity (as far as i can see). But I guess that if bitcoin trading eventually made up a sizable part of the market, then, yes, I suppose it could be seen as a kind of electronic flea powder.

I can see a fear from average joe as well, and it seems kinda irrational to me. Your comment is certainly true. I agree. Thanks for reply - cheers

[zalida100]

Hi M. - I enjoyed reading a couple of your essays on libertariannews a few days ago. I wondered why you hadn't yet made a video like this one.

There seems to be a very emotional reaction to bitcoin, by people who don't like it. It's good that you mentioned that the whole thing is voluntary etc. but that doesn't seem to matter to lots of people. (I think that is very telling - and unfortunate, I guess that's another subject).

Anyway. Thanks for video. Interesting.