Just Saying….
Bill Quick

Bitcoin Is Not Real Money | National Review Online

Hundreds of bitcoin supporters have tweeted attacks at me for arguing that bitcoin is not real money. But historically, money must be a reliable medium of exchange, and a reliable stores of value. Bitcoin meets neither of these definitions.

Neither does the U.S. dollar.

Posted in Economy permalink
Bill Quick

About Bill Quick

I am a small-l libertarian. My primary concern is to increase individual liberty as much as possible in the face of statist efforts to restrict it from both the right and the left. If I had to sum up my beliefs as concisely as possible, I would say, "Stay out of my wallet and my bedroom," "your liberty stops at my nose," and "don't tread on me." I will believe that things are taking a turn for the better in America when married gays are able to, and do, maintain large arsenals of automatic weapons, and tax collectors are, and do, not.

Comments

Just Saying…. — 3 Comments

  1. Please note that bitcoin is not a reliable medium of exchange because governments, conspicuously the US government, interfering with it.

    The roller coaster of “value”, as measured in USD, has been at least in part because of Chinese banks buying in and then selling and then buying again. At least the first two phases of that were at least in part because of PRC government policy, which in the first phase encouraged the banks to look at BC as an investment and in the second phase strongly encouraged or maybe ordered them to sell. I don’t know about the third phase.

    In short, if we had a free market, BC might possibly qualify as a reliable “real” money. It would compete with currencies issued by conventional banks and the other issuers as in 1850 USA. (It might not. BC’s total issuance is restricted by design, almost guaranteeing inflation, and there are some technical questions about security.)