No one has the whole picture, and one reason economics is so mystifying is definitions are erroneous often. People have been trying to define Bitcoin, and the article is interesting for its report on whimsy, but here he goes off the rails:
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The key point is number two: "Money is a commodity. It differs from other commodities in being demanded mainly as a medium of exchange."
Not at all. Bitcoin is simply a tally. Anyone who is promoting action based on any other definition is a scam artist.
Bitcoin is clearly a commodity whose primary purpose is a medium of exchange.
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2 comments:
This is an excellent post John, bitcoin is definitely a scam. All they need is enough people to fall for it. Bitcoin cannot even be compared to "widgets" so often used in college Economics classes because they hold no real value.
Bitcoin was unleashed into the public, as a means to experiment both socially and technologically what is to come. The plan is digital transactions, no more physical bills/coins. The 'real' creators/motivators behind are not known to the public, but probably are to higher ranking Intelligence, and definitely the few Ruling elites of the world. "We are Borg. Resistance is futile"
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