08 Nov '12, 1pm

Dmytri Kleiner: Bitcoin can’t serve the necesary Public Function of Money

Excerpted from Dmytri Kleiner (with whom I agree on this issue): “I want to write a bit about the public function of money, especially as compared to the market function of money, in light of some of the recent discussion about Bitcoin. Bitcoin is already a very useful technology due to the fact that it allows transactions to take place without any central authority. This alone is significant. The technology behind it is also perhaps applicable in other areas, such as the Namecoin project to replace the centralized Domain Name system. Does Bitcoin have the potential to replace Government fiat money? No. It doesn’t. It only has the potential to be one commodity form within the money economy. Countless books and papers have described money, money is a very complex thing which serves many functions. Keith Hart has written about the “Two Sides of the Coin,” heads on one side, ...

Full article: http://blog.p2pfoundation.net/dmytri-kleiner-bitcoin-cant...

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