I have just posted this on the Yahoo comments. I don't know if they will accept it or delete
1 America is losing the power and influence you state.China is fast becoming the world leader and is now publicly active in that goal.
Search 9-signs-china-making-move-against-us-dollar
2 Use in trade is not the only criteria for intrinsic value its the PRICE and bitcoin has a price.
intrinsic value
Definitions (7)Save to FavoritesSee Examples
1. General: Underlying, essential, inherent value.
2. Ecology: Value that the environment and life forms have in their own right, and which is not derived from the human use they can or cannot be put to.
3. Economics: No intrinsic value exists for any good or service except its price (see use value) which is reflection of its demand and supply position and not of any inherent quality.
3 Your statement that Business/trade is only conducted in dollars is incorrect. There are swaps, barters, rights licences given, none of which is always taxed
4 Cyber/crypto currency is definitely the future. Search the cost of handling money. Anything that reduces costs in handling counting theft will eventually be adopted by banks and governments. It may not be bitcoin but thats the only game in town at the moment and probably the testing ground for National schemes. Once teething problems are ironed out and public acceptance is widespread watch for Countries to copy it as an ADDITIONAL option in the first instance.
5 Bitcoin has been ruled as a currency in Eastern District of Texas Federal Court. Also as private money by Germany apart from many others..
6 Does it have to immediately have all and equal attributes to other fiats? No it can develop. Also Try searching hyperinflation wiki and see just how many fiats have tumbled in the last 100 yrs.
7 Lastly it may not matter what the US position is as its China that is now market leader and they like it and they are trying to reduce dependence on the Dollar and will probably succeed and arguably already have to some degree. refer you back to 1 above.
So what is more laughable..bitcoin or the article you wrote.
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