Bitcoin is not money, but neither is the us dollar, euro, yen, renminbi etc.. I dub this issue “money or nothing fallacy” (if Bitcoin is not money, it’s nothing). I’m not saying bitcoin is money, but most of these guys made no reference to Mises regression theorem nor Rothbards able discussions of money substitutes. Those involved with the creation of the client based on the code were definitely aware of the regression theorem then. After studying this issue for almost a year, I’m beginning to think Bitcoin may fit the Regression Theorem BETTER than gold! My personal take is that even if, upon examination, Austrians were to come to a consensus that Bitcoin were money and that the regression theorem needed to be revised or thrown out, it would not mean a collapse of the rest of the system of thought. My own conclusion is that the term “money” depends on context, but in most cases in particular when analysing Bitcoin, it is not really that important. Hey Bitcoin, are they Economists?
It shows that even in the Austrian school, economists are confused about money and do not have a standardised approach. Economists can dance on the head of a pin about the question, but hookers now accept Bitcoin for services rendered, ergo it’s money. The vast majority of these economists all weaseled out of the question by using their own vague definition of “commonly used”. A person seeking to move a billion dollars worth of gold bullion out of the US could easily (ish) convert it to bitcoins and then fly to their desired new home and re-convert the bitcoins into gold far easier than vice versa. Ron Paul vs Bernanke: Is Gold Money? The price is what changes as a ratio the standard, we have tried a gold standard and we now have a dollar standard what we need is a currency standard. I ask the following simple question, “Do encrypted TCP/IP packets have value?” If so, they are commodities to be traded and therefore can rise to become a medium of exchange. Value is subjective. I would value a ton of cucumbers at zero (or at most their resale or compost value) while giving a great value to a “skunk smell” (I’m one of those weirdos that finds the smell of a skunk pleasurable) whereas most people would be the opposite.
Where are you going to draw the line between “enough people” or “not enough people” ? Having higher has rates helps in going to the next block. Thus anyone having access to reliable hardware and the internet can produce bitcoins. Thus, the newly realized bitcoins are the best bitcoin mining hardware. Singapore Dollars are no more money to U.S. They both act as a medium of exchange, but money has the added quality of being a store of value in and of itself. Evaluate it yourself based on some functions of money (e.g. Medium of exchange, Unit of account, Store of value) along with portability, durability, divisibility and fungibility. I don’t agree with the majority opinion here that bitcoin must pass a certain threshold of users/merchants in order for it to be considered money. There must be over 500 000 people in the world who engage in trading with bitcoins. Here are few terms; you must know relating to bitcoin mining. There are several new Bitcoin ASIC miners in 2018 and these are profitable. ASIC has good speed comparatively and the electricity consumption is low.
The bitcoin mining hardware types include GPU, CPU, ASIC and FPGA. ASIC refers to Application specified Integrated Circuit. Block reward refers to the bitcoins numbers received from a new mining block. GPU or CPU is the foremost types of bitcoin mining hardware. These are added to blockchain hardware. Currencies are all tied up with their counties GDP, IMF, World Bank, Bank of International Settlements, commodities, war and peace, Trade agreements, so let me ask all where the The Central Banks of the World are quite? I think Dr. North’s articles at LRC have been some of his worst he’s ever written and he is among the worst offenders on this front. I’m loving all these opinions but whatever we think is irrelevant. People get caught up in the words, including translations of German words, and miss the point. The problem with currency is that it is a unit of measurement without a constant, it can not be defined and the only way to give it a constant is for people to start accepting it as a constant. I agree it would be the best currency though. You may avoid confusion and ensure everything makes sense.
