Is bitcoin gaining legitimacy?

here

or

here

been beaten like a dead horse at those places...

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inb4Wiki
inb4LSURussian

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In about an hour I will be able to answer any questions you may have

Bitcoin has always been legitimate.

Told yall mutherfu&ka$ that my fake children are gonna go apeshit when Santa stuffs their stockings with bitcoins.

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Quick question about money and its essence. How would Bitcoin cause people to consider money and its essence any more than the current credit/debit card system? For an increasing number if people who pay solely with cards instead of cash, the amount of money you have is just a number, rather than cash/gold.

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I'm not talking about the concept of money being electronic. That is something that most people are comfortable with already, since it's pretty much been the way things are for nearly 50 years now.

I'm talking about the concept of money in a sense of what it truly is, which is information. Money is economic information on how society values goods and services. The ironic thing about money is that while everyone wants it, no one really wants it. They actually want what money is able to buy.

Money is a collective delusion of society. The dollar bills in your wallet are just paper and ink and aren't really worth anything. But we have a collective delusion that tells us a $20 bill will buy x amount of goods. This delusion is promoted by the state, and is given further credence in that the state issued currency can be used to pay taxes. But a state backing is not necessary for "money" to have value, and we have seen that throughout history and we see it now with bitcoin.

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"The subjective theory of value is a theory of value which advances the idea that the value of a good is not determined by any inherent property of the good, nor by the amount of labor required to produce the good, but instead value is determined by the importance an acting individual places on a good for the achievement of their desired ends."

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in other words, an item is worth what people agree it's worth.


There are numerous qualities of good money, such as:

1. General Acceptability:

The material of which money is made should be acceptable to all without any hesitation. In this connection, gold and silver are considered as good money material bf cause they are readily acceptable to the general public. Apart from being used as money, these metals can also be put to other uses (e.g., making ornaments.)

2. Portability:

Money should be easily carried or transferred from one place to another. In other words, the money material must have large value in small bulk. On this ground, various animals cannot be used as money.

3. Durability:

Money material must last for a long time without losing its value. Ice and fruits cannot become good money because they lose their value with the passage of time. Ice melts and fruits perish.

4. Divisibility:

Money material must be easily sub-divided to allow for the purchase of smaller units of the commodities. Cows, for example, cannot function as good money because a cow cannot be divided without losing its value; a fraction of cow is quite different entity than a whole cow.

5. Homogeneity:

Money should be homogeneous. Its units should be identical; they should be of equal quality and physically indistinguishable. If money is not homogeneous, the individuals will not be certain of what they are receiving when they make transactions.

6. Cognisability:

Money should be easily recognized. If it is not easily recognisable, it would be difficult for the individuals to determine whether they are dealing with money or some inferior asset.

7. Stability:

The value of money should remain stable and should not change for a long period of time. If the value of money is not stable, it will not be able to function as a measure of value, as a store of value and as a standard of deferred payment.

8. Malleability:

The money material should be capable of being melted and put to different forms. Gold, silver, copper, etc., have this quality.

The precious metals, gold and silver by and large, possess the above mentioned qualities of good money material. It is because of this reason, that these metals have been used as money for a considerably long period of time. Now the notion of money has changed. The modern governments go through trial and error procedures before adopting a common medium of exchange. The main considerations for selecting a money material are general acceptability and cost of producing money. That commodity is chosen to serve as money which will be widely used by the people and which offers the least costly benefits of a common medium of exchange.


Bitcoin currently meets #'s 2, 3, 4, 5, and 6. #8 is not really applicable in this day and age. Sure there are a lot of precious metal fans out there, but money can still be good without meeting #8.

Bitcoin lacks #7, but it will eventually become stable once it has found it's value. Bitcoin has been unstable, but it's been unstable in an upwards direction, and most people aren't complaining about that.

Bitcoin also lacks #1, but that will come in due time as well, and in fact bitcoin acceptance is growing everyday, especially in other countries.

Between .000000001 and 23,000,000

wiki, if how many midichlorians do you currently have?

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I currently have $9,812.22

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Broke

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yup