Post
Topic
Board Economics
Re: Regression theorem & Bitcoin revisited
by
hazek
on 30/01/2013, 17:11:50 UTC
gold exchanged in barter for its intrinsic value*

*) There were probably other commodities before gold, but that is not the point here.

Specifically what was that? It looked pretty in someone's nose?

That is one example yes.

And why can't bitcoins have the same "intrinsic value"?

Bitcoins have no intrinsic value, as
1) You can not use bitcoins as wall covering
2) You can not use bitcoins to wipe your ass
3) You can not use bitcoins as ear-rings
4) You can not use bitcoins to create great electrical connectors
5) You can not use bitcoins as paperweights
6) You can not toss bitcoins to randomly select heads or tails
7) You can not throw bitcoins on somebody when you are angry
and so on.

What _can_ you use bitcoins for, other than exchange?

Really? So why then did the guy trade his two pizzas for 10k bitcoins, that, as you claim, are useless for anything else than exchange? Are you really arguing that he did it because he though they were worth two pizzas and that he could go to someone else and exchange them for something else?


Couldn't it perhaps actually be the case that two pizzas seemed a fair price for him to hold 10k units of this weird digital token that he fancied? Like a shiny rock stuck in someone's nose?