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Author Topic: A simpler explanation, please...  (Read 3923 times)
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May 18, 2011, 07:50:34 PM

I simply believe its misleading and dangerous when people come around saying 'bitcoins are like gold' it doesn't matter if they then follow up and qualify that statement.

I disagree.  The crux of the matter is whether you believe that a commodity like gold must have some intrinsic value other than its utility as money for it to be useful as money.  I believe that the metallic value of gold is utterly and completely irrelevant to its value as money (aside from the metallic properties that are directly related to its suitability as money...i.e. it doesn't corrode away).  I also believe that gold's utility as money *is* an intrinsic value, just as I believe bitcoin's utility as a money is its intrinsic value.  For these reasons and others, I think gold is perhaps the closest thing to bitcoin that currently exists and is thus useful for comparison purposes.  It certainly isn't like fiat currencies, or bank deposits, or agricultural commodities, or stocks or bonds.

Many Austrian economists would agree with your point of view, but not all.

(gasteve on IRC) Does your website accept cash?
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May 18, 2011, 07:53:46 PM

Ugh, this thread gives me so much headache.

So many people have explained where the value comes from. Stop saying nobody has.

OK, nobody has in a manner which makes any sense to me! See the topic subject.

But you can stop trying to explain now, I've only come back to stop my subscription to the thread because I'm bored with reading completely contradictory posts from different people with opposing ideas and being told that my questions have been answered.

If I start a thread, asking a question, forgive me for believing that I have the right to determine when it has been answered.

Anyway, everybody, especially Nesetalis, can shut up now. Topic locked.
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May 18, 2011, 07:59:15 PM

If I start a thread, asking a question, forgive me for believing that I have the right to determine when it has been answered.

Perhaps you need to narrow the scope of the question and try again.  What about the explainations that you have received do you not understand?  In addition, asking about valuations is subjective.  I.E. the answer is relative to the person being asked, and not an objective truth that can be explained.  The only objective truth concerning the "what gives Bitcoin value" is that something does.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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