#alternate alternate Bitcoin and commodity money dogmatism conza: ““A most important truth about money now emerges from our discussion: money is a commodity. Learning this simple lesson is one of the world’s most important tasks. So often have people talked about money... George Ought to Help George Ought to Help http://www.georgeoughttohelp.com Donate Bitcoins Ask me anything * Archive * RSS 28 notes February 28, 2013 Bitcoin and commodity money dogmatism conza: “A most important truth about money now emerges from our discussion: money is a commodity. Learning this simple lesson is one of the world’s most important tasks. So often have people talked about money as something much more or less than this. Money is not an abstract unit of account, divorceable from a concrete good; it is not a useless token only good for exchanging; it is not a “claim on society”; it is not a guarantee of a fixed price level. It is simply a commodity [emphasis added]. It differs from other commodities in being demanded mainly as a medium of exchange. But aside from this, it is a commodity—and, like all commodities, it has an existing stock, it faces demands by people to buy and hold it, etc. Like all commodities, its “price”—in terms of other goods—is determined by the interaction of its total supply, or stock, and the total demand by people to buy and hold it.” — Murray Rothbard Since this was tagged Bitcoin it seems fair to assume that the quote is presented with that digital currency in mind. Bitcoin has already gotten started as a medium of exchange, that bridge has already been crossed. We need not worry about how people will transition from holding it for ‘direct use’ to holding it for trade because we’re already at a stage where a large, and growing, minority of people are already trading it. It’s not yet widely accepted, but gaining ground quickly and there’s no obvious barrier that rules out the possibility that it eventually will be. People seek to hold it, among other reasons, because of properties that they find very desirable in a good used for exchange, and because they anticipate that in the future, increasing numbers of people will come to feel the same way. So in a possible future in which most people buy groceries with Bitcoin, what use is Rothbard’s earnest proclamation that Bitcoin cannot be money? Or if Rothbard’s prescriptive version of the regression theorum somehow precludes Bitcoin from ever being widely accepted, how exactly does that mechanism work? Filed under bitcoin rothbard gold money currency dogma 1. metatag likes this 2. makeitlemonade likes this 3. twoplustwoequalsfour likes this 4. thewaterwillcome likes this 5. georgeoughttohelp reblogged this from conza and added: Since this was tagged Bitcoin it seems fair to assume that the quote is presented with that digital currency in mind.... 6. thelanguorofyouth reblogged this from conza 7. trentbrgs likes this 8. amagi-nation likes this 9. allmarketsbecomeblack reblogged this from anarchei 10. basedheisenberg reblogged this from thegatsandpartyhats 11. thegatsandpartyhats likes this 12. thegatsandpartyhats reblogged this from anarchei 13. jenlog reblogged this from anarchei 14. anarcho-alowisney likes this 15. anarchei reblogged this from iambinarymind 16. anarchei likes this 17. climatechangebunch likes this 18. iambinarymind reblogged this from conza 19. iambinarymind likes this 20. nelgster reblogged this from conza 21. nelgster likes this 22. blistexfan likes this 23. theclassicliberal reblogged this from conza 24. decrepittwat likes this 25. loyalist-libertarian likes this 26. dorianchocolate reblogged this from conza 27. happyacres likes this 28. conza posted this We love Tumblr & Stationery by Thijs [impixu?T=1422189766&J=eyJ0eXBlIjoidXJsIiwidXJsIjoiaHR0cDpcL1wvZ2Vvcmdl b3VnaHR0b2hlbHAudHVtYmxyLmNvbVwvcG9zdFwvNDQxNzI2MzU5ODFcL2JpdGNvaW4tYW5 kLWNvbW1vZGl0eS1tb25leS1kb2dtYXRpc20iLCJyZXF0eXBlIjowLCJyb3V0ZSI6IlwvcG 9zdFwvOmlkXC86c3VtbWFyeSIsIm5vc2NyaXB0IjoxfQ==&U=LBGLFCNHIG&K=962db0415 bb02902e66620c180926592e0bb97ccd316333a0be24a07dcbb72ac&R=] [impixu?T=1422189766&J=eyJ0eXBlIjoicG9zdCIsInVybCI6Imh0dHA6XC9cL2dlb3Jn ZW91Z2h0dG9oZWxwLnR1bWJsci5jb21cL3Bvc3RcLzQ0MTcyNjM1OTgxXC9iaXRjb2luLWF uZC1jb21tb2RpdHktbW9uZXktZG9nbWF0aXNtIiwicmVxdHlwZSI6MCwicm91dGUiOiJcL3 Bvc3RcLzppZFwvOnN1bW1hcnkiLCJwb3N0cyI6W3sicm9vdF9ibG9naWQiOiIxNzIzMTY0O CIsInJvb3RfcG9zdGlkIjoiNDM4ODg3NjQyNDciLCJwb3N0aWQiOiI0NDE3MjYzNTk4MSIs ImJsb2dpZCI6IjE0NDIwNDAyIiwic291cmNlIjozM31dLCJub3NjcmlwdCI6MX0=&U=AHLB CIOIJB&K=53b5f6002a6da97ba5cd95388f8b3317ba1c4f8323b03f3fda2ff0cb2aa23c 41&R=] IFRAME: https://secure.assets.tumblr.com/assets/html/iframe/o.html?_v=ad343fe7e 1392d0c10bbe574b3e9c250#src=http%3A%2F%2Fgeorgeoughttohelp.tumblr.com%2 Fpost%2F44172635981%2Fbitcoin-and-commodity-money-dogmatism&pid=4417263 5981&rk=C2uVIqx7&lang=en_US&name=georgeoughttohelp&avatar=http%3A%2F%2F 38.media.tumblr.com%2Favatar_b07979dbce84_64.png&title=George+Ought+to+ Help&url=http%3A%2F%2Fgeorgeoughttohelp.tumblr.com%2F&page_slide=slide IFRAME: http://assets.tumblr.com/assets/html/iframe/teaser.html?_v=83a4f6cb1e21 27ab75af2fcaa1e57ee1#src=http%3A%2F%2Fgeorgeoughttohelp.tumblr.com%2Fpo st%2F44172635981%2Fbitcoin-and-commodity-money-dogmatism&pid=4417263598 1&rk=C2uVIqx7&lang=en_US&name=georgeoughttohelp&avatar=http%3A%2F%2F38. media.tumblr.com%2Favatar_b07979dbce84_64.png&title=George+Ought+to+Hel p&url=http%3A%2F%2Fgeorgeoughttohelp.tumblr.com%2F&page_slide=slide