Quote from: Borbolon on January 14, 2014, 01:20:55 AM

Quote from: odolvlobo on January 13, 2014, 03:21:33 AM

At the core, his argument is that the dollar has value because it has this specific utility. Well, Bitcoin has (a much broader) utility

Which is/are? Please, I'm sincerely eager to know.

Bitcoin is decentralised and no third party is required. Therefore, banks/surveillance/government are not able to impede Bitcoin transactions.

Bitcoin cannot be seized. Bitcoin has no physical presence and cannot be physically seized unless someone is able to compel you to disclose your private key. Contrast gold and money, which can be physically seized if the government was so inclined.

Bitcoin is pervasive. Where these is internet, there is Bitcoin.

Bitcoin is fixed in supply. No one can make new Bitcoins out of thin air.

Bitcoin is deflationary. Due to a fixed supply, lost coins, productivity increases and general population growth. Bitcoin is deflationary in the long term and it is difficult if not impossible to create a fractional reserve banking on top of Bitcoin. In the short term, Bitcoin is massively deflationary due to the exponential growth of Bitcoin at the moment.

Bitcoin is fairer. Over time, once we have moved away from debt based fiat, Bitcoins have to be spent to derive economic value. It will be difficult to hoard Bitcoins, create more Bitcoins out of thin air via fractional reserve banking and dilute everyone else's wealth. The gini coefficient of Bitcoin will decrease the longer we use it versus fiat debt based systems where the gini coefficient is ever rising.

Bitcoin is more cost efficient. As all transactions are done without a third party, the fees charged by these third parties are permanently removed. Micro payments will be made possible.

Bitcoin is global. Bitcoin is a global currency versus all other currencies which are based on government fiat. One bitcoin in Iceland will be one bitcoin in Kenya. If someone tried to seize your Bitcoins, you can instantly transfer it to another wallet somewhere else on the planet.

Bitcoin is infinitely divisible. Right now the smallest unit is 0.00000001 of one Bitcoin, but this can be extended. Infinite divisibility provides infinite liquidity for people when they convert from fiat to Bitcoin. We will never run out of smaller units of Bitcoin.

Bitcoin can be stored on virtually anything. This makes banking services possible for billions of people who don't have banking services right now. It is now possible for them to save money through their mobile phone using SMS.

Bitcoin is transparent. Anyone can have access to the source code and if they have the appropriate skills read it. This makes Bitcoin reliable and trustworthy. It cannot be corrupted because everything was set in motion from day one. It's like the Constitution of the US, except it is much more robust and cannot be changed by human interpretation.

I've probably scratched the surface. I have not covered multi signature support and simple contracts within Bitcoin (mainly because I don't fully understand it yet).

Bitcoin is the ultimate, most efficient, most trustworthy, most incorruptible platform for the exchange of value on the planet. The only thing that stands in its way is Government. Specifically, corrupt Governments funded by bank lobbies and the top 1% of the population.