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Nothing has value unless persons think it has value. It really is all in your head.
Gold has value only because persons think it has value.
I agree with that. Add diamonds, etc. also.
Quote:
Bitcoin has value only because persons think it has value.
The judge is quite right, you know.
I disagree because bitcoin is unique in that there is no central authority. You and I can actually make our own bitcoins. You and I can exchange bitcoins without anyone else to "bless" the transaction.
The judge is not quite right because he's partially truthful and a half-truth is a full lie.
Bitcoin is what's called a barter currency. It is mis-named, however, because it is not a coin and cannot be exchanged for one.
Governments do not recognize it, and will not exchange it for any other currency. But, the US Government also does not outlaw it, because if two people agree among themselves to use any sort of token, "scrip," or even numbers as a way of keeping score as they trade with one another, that's allowed. The value of the scrip is whatever they agree among themselves that it is. If they're willing to buy and/or sell the scrip for money, that's their personal decision.
The man was in fact quite shrewd by refusing to accept "credit-card numbers" as payment, because, if he had, he would have been guilty of a crime. As it is, the judge is right: the undercover agents merely bought a product, no matter what they said they intended to do with it thereafter. It's not illegal for me to sell you a tank of gas for use in your getaway car. It's not illegal for me to sell you something that could be used to obscure a financial transaction because it could also be used for many lawful purposes. ("If you subsequently choose to use what I sold you in that way, that's your decision, not mine. I did nothing wrong. You did.")
Similar cases have unraveled when people said that their bitcoins had been stolen. "Keep a closer eye on your things next time, but they did not take money, and your claim of their 'value' is only your opinion."
Last edited by sundialsvcs; 07-26-2016 at 02:28 PM.
The problem with bitcoins is there is no standard, no relation to work or output or any metric that currencies use. Making your own money doesn't sound fair does it? Kinda illegal in most places. How is that freedom? A world wide fools venture.
I do not expect to have to "mine anything-at-all" before I can get my Starbucks® Fix. (Or, before I can pay way-too-much for a piece of chicken at Chick-Fil-A®.) Don't tell me that I can't fill up my gas-tank tomorrow. And, so on. I personally have an immediate and pressing need, every day, for liquidity(!) And, I implicitly expect to have it.
The paper and/or disc-shaped tokens in my wallet and on my night-stand are merely an expression of a very small portion of my liquidity. Whether I "deposit a check" or "cash a check," I fully expect the impact upon my personal net-liquidity to be exactly the same ... and I also expect the two financial positions to be fully interchangeable at my pleasure.
"The world's present financial systems" are quite capable of providing this very-fundamental daily service to me." Whereas, "BitCoin is not," and, "what the hell do 'gold coins' have to do with any of the things that I want every-day to do?" More often than not, I swipe a piece of plastic to get my Cuppa Joe ... and what matters most to me at that time is that the barista hands it to me, even though I am barely awake. I frankly see no reason to buy Mason jars and to start digging holes in the ground.
Last edited by sundialsvcs; 06-02-2017 at 09:49 PM.
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