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Bitcoin as Medium of Exchange Debate: Saifedean Ammous vs. George Selgin at Soho Forum

Bitcoin as Medium of Exchange Debate: Saifedean Ammous vs. George Selgin at Soho Forum submitted by afriendofsatoshi to btc [link] [comments]

“The technology of bitcoin and the possibilities it raises are quite intriguing,” says economist George Selgin... “This is a potential money that could provide a safe, sound medium of exchange that is independent of any government.”

“The technology of bitcoin and the possibilities it raises are quite intriguing,” says economist George Selgin... “This is a potential money that could provide a safe, sound medium of exchange that is independent of any government.” submitted by beofotch to Libertarian [link] [comments]

Debunking latest Core rhetoric: Medium of Exchange ≠ Means of Payment

Lately I've seen the "medium of exchange is not the same thing as a method of payment" idea being floated a lot by BTC maxis. Saifdean Ammous tried to pull this out in his debate with a George Selgin. The Bitcoin Observer also mentioned this argument on Twitter in a discussion about Libra's failure. However, according to this paper, the distinction between a medium of exchange and a means of payment is that a means of payment is not necessarily settled immediately. They argue that currency is a medium of exchange, while checks and debit cards are not.
In my opinion, this exposes the fundamental flaw in the argument that "Bitcoin is not a method of payment". It's as if the Coretards are trying to separate Bitcoin UTXOs from the Bitcoin P2P network and Bitcoin mining, and arguing that the network isn't important, and mining is a given. However, without the payment, mining, and P2P validation network, BTC UTXOs have a clear value: ZERO. You can't separate them, the value depends 100% on the network and mining. And as we saw in 2017, when fees rose over $100/transactions, a fair percentage of UTXOs became unspendable, as the fees to move them would be higher than their value.
Of course, we live in a world increasingly dominated by electronic fiat, is this a medium of exchange? Electronic fiat has a fairly tenuous supply and value, and it also depends intrinsically on a payment network that is controlled by governments and corporations. Increasingly, electronic fiat appears to be more a method of spurring labor and creating debt.
Thoughts are welcomed.
submitted by horsebadlyredrawn to btc [link] [comments]

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While Selgin argues it is hard to find a store that accepts bitcoin, Ammous argues that’s because use is spread across the whole globe, rather than being restricted to just one nation. By global ... Bitcoin Exchange. Start your trading journey today. Securely buy, sell, and build your cryptocurrency portfolio. Casino. Now you can win big with the official Bitcoin.com casino, play our exclusive games using Bitcoin (BTC). Local. Join our Local Bitcoin Cash (BCH) marketplace to get the best margins on every trade. Spend Bitcoin . Discover businesses that let you pay for goods and services ... Livecoin exchange is a broad platform for cryptocurrency. This platform mainly deals in Bitcoin and Litecoin together with other digital currencies. The interface of Livecoin is automatic and ... George Selgin, Director Center for Monetary and Financial Alternatives The Cato Institute Washington, DC 20005 November 12, 2014 Prepared for Hillsdale University’s 2014 Free Market Forum, Indianapolis, Indiana, October 23-25. !! Anita Folsom, in inviting me to take part in this year’s Free Market Forum, originally suggested that I write about the problems of Bitcoin. Although I suppose I ... The Director of the Cato Institute’s Center for Monetary and Financial Alternatives gives an eye-opening, 200-year history of today’s most powerful economic institution.

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The Future - Bitcoin and Other Cryptocurrencies

Share your videos with friends, family, and the world Voices of Liberty's Joe Gressis speaks with economics professors George Selgin and William J. Luther, and cryptocurrency enthusiasts Andreas Antonopoulos, Am... Em recente entrevista com Dr. George Selgin, fiz exatamente essa pergunta. Dr. Selgin considera que, sim, essa característica pode ser um obstáculo no caminho do bitcoin. Para saber mais ... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. George Selgin is a senior fellow and director of the Center for Monetary and Financial Alternatives at the Cato Institute and Professor Emeritus of Economics at the University of Georgia. His ...

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