Quote from: odolvlobo on December 10, 2013, 01:45:01 AM

Quote from: porc on December 10, 2013, 01:30:53 AM

Quote from: odolvlobo on December 10, 2013, 01:22:59 AM

Quote from: porc on December 10, 2013, 12:41:08 AM

So the answer is: I can dump it on the next guy?

Yes. It is called a medium of exchange. That is the purpose of a currency. It represents value. You can exchange it for value.
Anyway, why are you singling out Bitcoin? 1) Every form of money has a value greater than the value of its utility (beyond its value as a currency).

Golds value is that people like to look at it and touch it, they think its pretty. This value is why people accept it as a payment of goods and services. Golds monetary value is therefore directly linked and dependent on it being pretty. If it would not have been pretty we would not want it and thus it would not be widespread money.
You cant separate between money value and utility as gold is only money because it has utility (it being pretty).
Bitcoin has no utility (like being pretty) and thus its other aspects (scare, divisible etc.) are irrelevant.

1) The value of gold goes far beyond the value of its beauty. Most of the gold in the world is owned due to its value as money and not due to its beauty.

2) I accept your argument that a bitcoin has no utility other than use as a currency, but I think that fact that disproves your point. Bitcoin is money even though it does not conform to Mises' Regression Thereom.

1) Reread what I wrote: The money value only exists because of its beauty. Without beauty no money value.

2) No it is not money. Money has utility/ value. Nobody will accept nothing for something. Remember: Merchants dump bitcoin immediately for dollars. Speculators buy because they think the price will go up. Some are just plain misguided. Nothing that has happened so far proves anything. Not my argument not your argument.