Post
Topic
Board Speculation
Re: Lose all your capital fast, with MatTheCat and his TA 101A!
by
numismatist
on 11/04/2017, 22:05:24 UTC
For something to be money, in addition to being easily divisable into different amounts, if it hasn't been inherently valuable in and off itself, then it requires some authority enforcing it's use as money, generally by demanding taxes or tribute be paid in that specific money. Take the authority away, and all fiat currencies are worthless, obviously.

Bitcoin has neither an authority behind it with the powers to demand taxes or deploy military force, nor has it any inherent value in and off itself.

Bitcoin is a wealth transfer commodity, which may be exchanged as USD proxy, but only as long as easy convertibility exists.
There is no dispute over how bitcoin works. For years now. Your insistence on ancient concepts of what makes something a proper form of payment just makes you look stupid.
In a way he's right. The believement into monetary value. The detail he messes up is the necessiarity to make someone believe by force. There are believers who got not forced, but still do believe.