Max Keiser: HuffingtonPost - 'Is Bitcoin Money?' [YES. YES. YES. YES.]

HuffingtonPost: 'Is Bitcoin Money'

maxkeiser.com 14 Mar '13, 11pm

Max Keiser: HuffingtonPost - 'Is Bitcoin Money?' [YES. YES. YES. YES.]

Aristotle was wrong, money does not need to have intrinsic value. This has been proven by todays fiat money which none the less has worked as money for nearly a hundred years now., ergo Aristotle was wrong. This is because of a misunderstanding of value. Value does not come from the “thing” all value comes from people. Therefore the 4th aspect of money is that it requires the faith of the people. Faith is being lost in traditional fiat money for obvious reason, but the attributes and properties of Bitcoin encourage faith amongst its users. For when people accept a currency as payment for their time and energy it increases the value of that currency, here in lies the secrete of bitcoin. The value of bitcoin has nothing whatsoever to do with mining and complex cpu calculations. Mining is merely a functional aspect to provided for and infrastructure for bitcoin to operate on.

Full article: http://maxkeiser.com/2013/03/14/64051/

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