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"They will fail, because money that is not issued by governments is always doomed to failure. Money is inevitably a tool of the state." How about gold? Bitcoin
by intenex 13y ago
"They will fail, because money that is not issued by governments is always doomed to failure. Money is inevitably a tool of the state."
How about gold? Bitcoin can just as easily be seen as a limited commodity as as currency. It's even mined :).
- djur 13y agoGold has intrinsic value. You can use it to make beautiful things, and it serves as a display of wealth. That value will always be present in the absence of a state, although it would be substantially less without a state. Bitcoin has no intrinsic value. It's a financial instrument.