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"Bitcoin appears to be a decentralized Ponzi scheme not a decentralized currency. People don't spend it because they want it to go up. The dollar works because of inflation. It keeps velocity up like hot potato. If you want to store value silver gold and land. Because it's beautiful useful and valuable. Bitcoin is a Ponzi scheme without an individual attached to it to go to prison. So the media can control swings for profit. That's my opinion about bitcoin. The purpose isn't currency the purpose is to make dollars. The dollars "weakness" is actually why it won't be replaced. Velocity."
— Owen Benjamin
Today we read a great little article from Robert P Murphy that challenges the notion that a currency must be "weak," in order for it to work as money. And while in some sense bitcoin is not yet money when it comes to wide spread acceptance, is it possible, that it one day could be? Don't miss this one.
An open invitation to Robert Murphy to chat on Bitcoin Audible.
Check out the original article at:
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“Production is quite possible without money. There is no need for money either in the isolated household or in the socialized community. Nowhere can we discover a good of the first order of which we could say that the use of money was a necessary condition of its production.”
― Ludwig von Mises
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