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03 Feb '13, 1am

New @ BCB: Thomas Edison and Bitcoin

New @ BCB: Thomas Edison and Bitcoin

A Response To Smiling Dave's Article Named, "Bitcoin and Intrinsic Value" Smiling Dave is a blogger who has in an interest in Austrian Economics. He has written several articles about the demise of bitcoin. In one of this articles, "Bitcoin and Intrinsic Value ," he describes a hypothetical situation where Robinson Crusoe is isolated on an island where he finds gold: The first value comes from answering the question, “What could Robinson Crusoe do with [gold]?” Crusoe had nobody on his island to buy from or sell to, so the gold coin had no use as money. But it did have some use. He could use it for jewelry, if he was vain. He could use it as a component of his computer chips, or whatever. OK, now Crusoe comes off the island back to civilization. He finds that everything has a price pretty much as he valued things on the island, except for one thing. His gold coin, he finds...

Full article: http://www.bitcoinblogger.com/2013/02/thomas-edison-and-b...

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