Post
Topic
Board Economics
Re: Bitcoins have no non-monetary use-value, and why it doesn't matter.
by
nanotube
on 01/07/2011, 22:14:53 UTC
Can somebody please point to some well known scholarly work that frames this argument a bit more elegantly than I can?

no, because that argument is BS. Smiley money doesn't have to have non-monetary-use value.

there has been a non-BS argument proposing that things than are money have to /start out/ having some non-monetary-use value in order to get bootstrapped. because before it gets widespread use as money, it helps for it to have non-monetary value.

and historically, that may well have been true. but bitcoins have already soundly disproven that it is a /necessary precondition/ for the creation of money, since bitcoins exist, bitcoins are valuable, and they have not started out having any non-monetary-use value. so even though historically it may have been the case, it is not axiomatically the case for all future cases.