Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)

I think Bitcoin can do both, and that these different aspects of Bitcoin actually reinforce each other. I also do not think Bitcoin will become a world reserve currency without experiencing mass adoption as a currency for the people first, history also certainly supports this theory as well.

It doesn't.

Typically any form of money that is not fiat started gaining traction as a currency only because people tended to hold it as they considered it valuable.

You should check your history, gold and silver coins have been used as a currency and a commodity for the majority of our known history.

https://en.wikipedia.org/wiki/Gold_coin

You're really dense aren't ya?

Gold didn't start off as a currency but as ornament, jewelry & collectibles hence the argument that people first have to find value in a commodity and hold it before it gains traction as a currency.

Gold became money when it was demanded as tribute (tax). The war lords demanded it to produce weapons.

http://www.tutanchamun-game.de/downloads/bilderKatalog/images/dolch.jpg
http://www.goldseiten.de/content/kolumnen/download/pcm-17.pdf

Right so gold was first hoarded and collected because it made nice weapon. Thanks for supporting my point!

The foundation and essence of all kind of money is DEBT.

Dr Paul C. Martin:

Private property as de iure institution needs a foregoing state to come into existence.
The state needs foregoing power and foregoing power needs armed force.
The ultimate foundation of the economy thus is the weapon, where possession and property are identical
because the possession of it guarantees property of it.
Armed force starts additional production (surplus, tribute).
The first taxes are contributions of material for the production of attack weapons (copper, tin).
Thus non-circulating money begins. Taxes as census and money are the same.

https://bitco.in/forum/threads/gold-collapsing-bitcoin-up.16/page-178#post-6388