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Author Topic: Is bitcoin money?  (Read 929 times)
Schnizeer
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March 19, 2013, 02:40:18 AM
 #1

Wanted to buy a fifth of jim beam at the local store.  Couldn't use bitcoin, federal reserve notes ok.  So what is all the buzz about?  Bits are bits, coins are coins, invest in nickels.

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BTCBUDDY1
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March 19, 2013, 03:01:35 AM
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Thats the whole point, that it isnt fiat... research more, and stop spreading ignorance

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Schnizeer
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March 19, 2013, 03:14:23 AM
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Are you saying nickels are fiat?  Maybe you should research more.

“No man's life, liberty, or property are safe while the legislature is in session.”
― Mark Twain
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March 19, 2013, 03:17:37 AM
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I could be wrong, however why come here and hate on bitcoin... its a bitcoin forum

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March 19, 2013, 03:19:35 AM
 #5

Is bitcoin money?

Yes

Schnizeer
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March 19, 2013, 03:27:21 AM
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My intent is not to hate on bitcoin, my intent is to find out if there is anything to it.  Every question i ask is responded to by vague responses.  I am interested, i just feel like its an insider thing and new people are snubbed.  So my question is:

Why is bitcoin money?

“No man's life, liberty, or property are safe while the legislature is in session.”
― Mark Twain
Schnizeer
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March 19, 2013, 03:32:38 AM
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To aa:

That is the paradox of fractional reserve banking.  I know it well.  Read the creature from jeckle island.

“No man's life, liberty, or property are safe while the legislature is in session.”
― Mark Twain
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March 19, 2013, 03:59:31 AM
 #8

 So my question is:

Why is bitcoin money?

Because you can pay for some things with it.

Woodcock36
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March 19, 2013, 04:03:09 AM
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I have explained BTC to my girlfriend at least 20 times, she still thinks that I am just playing games and/or gambling on the internet. In a 5'3 blonde, this kind of ignorance is cute, because I get to hit that....in anyone else it is just annoying.

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astutiumRob
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March 19, 2013, 04:10:23 AM
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Why is bitcoin money?
Because people are able to assign a value to it, same as any other ccy

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Schnizeer
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March 19, 2013, 04:16:57 AM
 #11

Now we are getting somewhere.  You can buy things with bitcoin.  Where?

“No man's life, liberty, or property are safe while the legislature is in session.”
― Mark Twain
Woodcock36
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March 19, 2013, 04:17:31 AM
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In a 5'3 blonde, this kind of ignorance is cute, because I get to hit that....in anyone else it is just annoying.

Haha oh wow. Although there's really no excuse for anyone to not understand that anything we give a value to in order to trade with as a currency is money, regardless of it being paper, metal, stones, feathers, or imaginary numbers in a bank.

To be fair, and I love this girl, so please understand that I am not trying to make her seem dumb, but some people just don't understand the value of things that they cannot physically obtain. All I was saying is that I can forgive her ignorance because of who she is, the entire "I get to hit that" thing was for comedy sake. People don't seem to understand intrinsic value.

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smith88
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March 19, 2013, 04:20:08 AM
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I personally like to think of bitcoins or any alt digital currency as a commodity; in digital form (such as gold, silver, copper, are to the "physical realm").  In my experience this phrase seems to click more with folks that other explanations I have attempted.  I personally believe this is how it should be marketed and labelled... so as to not confuse with actual currency which is highly regulated and centralized.  It's all about decentralization; even in definition in my .02.
Schnizeer
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March 19, 2013, 04:38:45 AM
 #14

I do understand intrinsic value, that's why i question bitcoin, girlfriends aside.

“No man's life, liberty, or property are safe while the legislature is in session.”
― Mark Twain
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March 19, 2013, 04:40:11 AM
 #15

Now we are getting somewhere.  You can buy things with bitcoin.  Where?

The Internet.

Schnizeer
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March 19, 2013, 04:51:25 AM
 #16

So you buy something.  If you don't receive it or you don't get the correct product, what is you're recourse?

“No man's life, liberty, or property are safe while the legislature is in session.”
― Mark Twain
TroyOunce
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March 19, 2013, 05:06:51 AM
 #17

American law is supposedly based on English Common Law.  Sir William Blackstone's,
Commentaries on the Laws of England states:

"With regard to the materials, Sir Edward Coke lays it down, that the money of England must either be of gold or silver; and none other was ever issued by the royal authority till 1762, when copper farthings and half­pence were coined by King Charles the Second... But this copper coin is not upon the same footing with the other in many respects..."

So the case could be made that Bitcoins aren't money.

HOWEVER -- if we round the current Bitcoin price to $50-- if you had purchased Bitcoins
when they were one penny per Bitcoin, a $200 Federal Reserve Note investment would
be worth $1,000,000 so-called "dollars" today.  And you would be a Bitcoin Millionaire
like Max Keiser.

SO WHAT EVER YOU CALL THEM, BITCOINS HAVE VALUE!

But I never bought Bitcoins when they were a penny. And some days that makes me feel
like a simpleton.  Embarrassed

I also never bought Bitcoins when they were $5.  So I missed out on a 10-Bagger!
And that's what happens when you're undecided.   Undecided

Tip-o-the-Hat to the Bitcoin Millionaire Club!!!!

Schnizeer
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March 19, 2013, 05:18:19 AM
 #18

Just looked at newegg and i agree that they are a great company.  Ive bought things from them myself.  They dont take bitcoin.

“No man's life, liberty, or property are safe while the legislature is in session.”
― Mark Twain
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March 19, 2013, 05:25:39 AM
 #19

To troyounce:

I missed out on the tulip bubble, don't beat yourself up.

“No man's life, liberty, or property are safe while the legislature is in session.”
― Mark Twain
Schnizeer
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March 19, 2013, 05:40:16 AM
 #20

Newegg does accept paypal.  So i guess thats money, because i can buy things.  Where can i get some CTM's?

“No man's life, liberty, or property are safe while the legislature is in session.”
― Mark Twain
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