10 Nov '12, 3am

Response to Dmytri Kleiner on the origin of money: Response to Dmytri Kleiner on the origin of money #bitcoin

I came across an interesting article today, published originally on Oct. 30th , from a gentleman named Dmytri Kleiner. The piece is called “Bitcoin and The Public Function of Money ,” and the conclusion is that Bitcoin clearly does not “have the potential to replace Government fiat money.” My interest was piqued, Bitcoin cannot replace fiat!? Oh noes! Well then what the hell are we all wasting our time doing? I read through in earnest to uncover the revelations. Unfortunately, no revelations were uncovered. In fact, the content was so misguided that I felt compelled to publicly address it. However, I want to ensure I don’t mischaracterize Dmytri’s arguments. I believe what he is saying is this: money has two sides or two purposes, one being to facilitate market exchanges, and the other to enable “tribute” or “taxation” by the State. A good money, he argues, should satisfy ...

Full article: http://blog.bitinstant.com/blog/2012/11/9/response-to-dmy...

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