09 Jan '13, 4pm

@jonmatonis please keep an eye on the other Forbes writers... The hell is Gobry talking about? =) #money #fiat #bitcoin

@jonmatonis please keep an eye on the other Forbes writers... The hell is Gobry talking about? =) #money #fiat #bitcoin

Pascal-Emmanuel Gobry wrote yesterday for Forbes that “all money is fiat money. ” The sophistry of this article ruined my dinner last night. Now, because Gobry mentioned Bitcoin (if only in passing), and because he was dead wrong about the fundamental nature of money itself, I felt it important to respond. I wasn’t planning on writing a blog post this morning, but just as when you see an old lady struggling with her groceries, or a kitten stuck in a tree, you want to help, and so I hope to succeed in putting Gobry’s absurd notion to rest, for the benefit of mankind. Gobry begins accurately enough, “it’s important to understand how money works.” Very true! We spend our lives chasing it; money governs our behavior on a daily basis, and so we ought to comprehend it properly. But after this correct introduction, his argument sails right into absurdity. He continues, “One aspec...

Full article: http://blog.bitinstant.com/blog/2013/1/9/all-money-is-not...

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