04 Nov '12, 6am

Reddit Discussion on Austrian Economics and Bitcoin

You're still having trouble with reading comprehension. Use value is not an all-or-nothing proposition. There is a spectrum there. . . some things have a lot of use value, some things very little (approaching zero). I do use gold, I buy it as often as I can, it is a great . . . wait for it. . . .money! Gold holds absolutely no use value for me, nor does it for most of the population who uses gold as. . .wait for it . . . .money. yes, it has industrial uses, and some people value it (in small amounts) as jewelry. Regression theorem should frown upon gold being a currency, since it likely never had widespread use value (only a very small group in select industries), and yet, good money it is! The small amount of use-value that gold held, combined with it's other intrinsic properties (durability, homogeneity, transportability, etc) were enough to propel it into widespread usa...

Full article: http://www.reddit.com/r/austrian_economics/comments/12kmf...

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