Quote from: StarfishPrime on May 03, 2013, 02:15:25 PM

Quote

"There will be haircuts"

...so that buzzing sound in the distance isn't the economic recovery getting closer? - but CNN just said everything's fine and the dow was going to break 15000 today Huh

Patience my friend. The monetary revolution you have in your mind isn't going to happen as fast as you think.

Quoting Bill Gross:

"'Good as Money,' proclaimed the ad for Twenty Grand Vodka infused with Cognac. Being a beer drinker, and never having cashed in a Budweiser to pay for a fill-up at the local gas station, I said to myself Man, that must be really good stuff! Even in a financial meltdown I thought, you could use it in place of cash, diamonds, gold or Bitcoins! And if the Mongol hordes descend upon us during a future revolution, who wouldnt prefer a few belts of Twenty Grand on the way out, instead of some shiny rocks and a slingshot?"

"Well, not being inebriated at that moment I immediately shifted focus to a more serious topic. What IS money? A medium of exchange and a store of value is a rather succinct definition, but we generally think of it as cash or perhaps checks that reflect some balance of ready cash at a friendly bank. Yet as technology and financial innovation have progressed over the past few decades, and as central banks have tenuously validated the liquidity and price of various forms of credit, it seems that the definition of money has been extended;"

Mr. Gross is starting to grasp the foundations of bitcoin and it's relation to existing asset value structures. I believe he is eluding to this in the second paragraph.

"What IS money? A medium of exchange and a store of value is a rather succinct definition"

The beauty of the above quote is that it simply embodies bitcoin.

medium of exchange - world wide p2p block chain distribution
store of value - transaction value (includes coin generation for now) aka... proof of work

I like this quote best, "who wouldnt prefer a few belts of Twenty Grand [expensive vodka] on the way out, instead of some shiny rocks and a slingshot?"