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Bitcoins: $367, Down from $1,146

Written by Gary North on October 10, 2014

This is not a good sign.

Bitcoins are not money. Ludwig von Mises defined money as “the most marketable commodity.” Bitcoins are a barely marketable non-commodity.

Bitcoins transactions are recorded at your bank as soon as you sell them or buy them. Privacy? Only while you are holding them in your virtual bank account. Too bad you can’t buy anything with them. Go ahead. Try to find anything online you want to buy. See if you can buy it with bitcoins. Not much is offered for sale.

You sell money to buy them. You return to money when you sell them. In between, you are speculating with non-money.

We are assured by bitcoin speculators that bitcoins are the money of the future. I don’t expect to live that long.

Click the link to find out how much money — real money — bitcoin speculators have lost this year.

Continue Reading on www.coinbase.com

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5 thoughts on “Bitcoins: $367, Down from $1,146

  1. From the first time you spoke negatively on Bitcoin the number of stores accepting it (thus making it "money" for them) is augmented exponentially.

    Even paypal announced its integration with Bitcoin, and that will instantaneously make Bitcoin money for millions of user and merchants.

    And yet, you still seem to miss the point. How's that?

    Take a look to this hearing to the senate of Canada to understand the epocal revolution that's slowly building and will take the financial sector as a storm:

  2. All of the use, investment, and application development statistics have increased greatly in just a few months. The price may be low compared to its peak, but that’s very misleading. 2 years ago, a Bitcoin was $13. I think it’s safe to say that Bitcoin is going strong. It is no less secure of a payment network now than it was 2 years ago.

    Bitcoin is accepted directly by Dell, Wikipedia, Newegg, Overstock, Tiger Direct, and that’s only the big ones. Adoption rates are increasing greatly. I can use Gyft to spend bitcoin at Target, Whole Foods, and 200 other retailers. It’s at the point that I can use it easily several times per month, getting easier all the time.

    The blockchain technology itself is allowing a whole new generation of applications to allow services without the state. The first Bitcoin wedding recently occurred, where their vows were signed onto the Blockchain (for all eternity presumably) and they didn’t get a license.

    The opinions in this article are ignorant to an unbelievable degree.

  3. Jarrett, I agree completely.
    Gary has decided years ago that Bitcoin "could not work", and since he is unable to admint that he is wrong, even in face of the enormous adoption rate of Bitcoin, he prefers to blind himself from the reality.

    You can literally buy hundred of thousands of items on the web right now, and that's without taking in consideration services like expedia.

    You can also _directly_ trade from/to Gold using online services.

    Gary, wake up!

    I know you are old and it's very difficult for you accept the awesome disruption brought by the Bitcoin technology, but as an Austrian Economist you must be "praexolog" and accept that a new and unthinkable, almost perfect mean of exchange emerged from the marked.

    And it was badly need.

  4. Younger libertarians and Austrian free-market fans are smart enough to understand. Gary is a bigoted old coot who believes that gold and silver have supernatural powers, and that there are no other gods.

    Gold and silver were once the best form of money in existence. Horses were also once the best form of transportation…

  5. I think that even if Gary is quite old, there will be a time when he will be forced to admit to being wrong, when Bitcoin world domination will be clear 😉