They say bitcoins should be able to be traced back to when they were no currency, just a commodity, and therefore bitcoins won't suceed.
Well, I think that's not a good argument:
- Firstly, if something hasn't happened before, it doesn't mean it won't happen.
- Secondly, I actually see bitcoin as a commodity. Only when/if it stabilizes i'm going to treat it as currency. I can marginally use it as currency, but for me it's more a commodity right now.
He's just plain wrong about what money. Instead of gold (under the control of the bullion dealers/bankers as used by the Athenians, the Spartans used iron that had been heated and then pitted to make it useless as a commodity or for any practical purpose. The Yap Islanders used huge stone rings, and would agree that a man was rich even if his stone ring (quarried on another island) had sunk to the bottom of the sea during a crossing. As long as everyone agreed that he was the owner of the stonne ring at the bottom of the oceran, he was rich.
Bitcoin has everything needed to be currency, and is far superior to any commodity money or any fiat mony (superior for people in general, not for a privileged elite who control access to a commodity, or who can emit by "fiat".
