Comes a correspondent:
Well, now that is interesting. My understanding of the pro-bitcoin side has been the premise that the application of state of the art tech to monetary goods has been a breakthrough of some sort (and a recitation of the benefits which always strike me as highly debatable.) Then a frisson of virtue of some sort, and for good measure rebellion.
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... The authenticity of a bitcoin is very easy to verify. But I suspect you mean the whole bitcoin system is a scam. It is only in the sense that any and all monetary goods are a scam.
Well, now that is interesting. My understanding of the pro-bitcoin side has been the premise that the application of state of the art tech to monetary goods has been a breakthrough of some sort (and a recitation of the benefits which always strike me as highly debatable.) Then a frisson of virtue of some sort, and for good measure rebellion.
Depending on how monetary goods are defined, I might agree. Money being called a monetary good would be tautological, so I take you to mean derivatives and tallies. Fractional reserve currency is a scam, warehouse receipts as currency can easily be a scam, using tallies as money is inevitably a scam ( the Prophet expressly forbids this). But money itself, defined as a medium of exchange (in a free market) and a store of value (as derived from its commodity price, if an when its value is stored) can hardly be a scam.
So depending on definitions, I think I'd agree...
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