08 Nov '12, 7am

New post: Why Bitcoin Is Tangible - Digging Into The Guts Of Bitcoin Like this post? Please ReTweet.

New post: Why Bitcoin Is Tangible - Digging Into The Guts Of Bitcoin Like this post? Please ReTweet.

: I will bring up something a little bit more fundamental. First of all, I recognize the points that you are making and I do think that preventing the double spend is a brilliant advancement in the nature of currency. … Where I have issues is that Bitcoin is not a tangible asset . If I have a piece of silver or a piece of gold in my hand it is a tangible asset and if I use that to purchase from you an asset or good or service the exchange is extinguished at the moment that those assets are exchanged for one another because you are giving a tangible asset in exchange for a tangible asset. But what has happened in the last few hundred years is that currency has moved from being a tangible asset to being a financial asset. A financial asset has counter-party risk; there is someone’s promise that this currency will have value in the future.

Full article: http://www.runtogold.com/2012/11/why-bitcoin-is-tangible-...

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