The history of the rise and fall of bitcoin, alas!

The currency used by mankind in the past, Either itself is a kind of things can be used, or was guaranteed to can be exchanged for other goods or services that can be used to repay the debt (repayment of public and private debt, the creditor shall not refuse).

Note that guarantee a currency can be converted into other items or for the payment of a debt, itself is a kind of “service”, this service can be used to exchange currency. The government is often in the jurisdiction of the sovereign territory, because the sovereign authority, the supreme body and to provide this service, you are in the form of money for the service of the government, is actually a tax. Generally, there are two ways to reject this service, then in 1, tax evasion. 2, leave the government service jurisdiction (territorial sovereignty state), which is the emigrants who roll left, naturally do not need to pay taxes (protection fees, rent, there is also something of that nature, the difference lies in the face of the individual natural person, corporation sole, collective legal person, legal person or country. For some countries, is still not enough, not only to emigrate, but also can not give up the nationality of the tax jurisdiction is out of state sovereignty in the political sense). Bitcoin is just a block in chain calculation proves that it can be converted to other attributes of goods “, is not what to enforce the inevitable mechanism (that the workload is not what the contract of credit). To maintain this “can be converted to other goods” attribute of things, is the use of bitcoin are still willing to believe that bitcoin can “change to other items”. (reflexive, self enhancement) The value of bitcoin, is built on this pass the parcel of belief. We can see that once the consensus / belief collapse, bitcoin will greatly devalued, even not worth a hair (here the meaning of this word is no longer, in exchange for other goods or services.). No matter how bitcoin believers hostile to government legal tender, must admit, behind the bitcoin purchasing power and price, without any force, even as private bonds, contract enforcement by law guarantee.

“Proof” of the calculation work, just tell us what you have done, Unlike the debt contract, ensure that you have the right to get what “in the future in law”. The analysis to this point, we can see what people will tell you that the value of bitcoin, I hope you will become “bitcoin believers”, would like them believe bitcoin can switch to other things”. My bitcoin neutral attitude, not to judge people willing to believe that bitcoin can be converted to other items “is morally good or bad.

But I agree that you should find in “faith bitcoin is increasing confidence when the expansion” boldly buy it, and then found in bitcoin faith was in doubt, began to collapse “thrown, even short it decisively. If this article tells you what, then it can be condensed into one sentence: In past work, can not guarantee that you can use it in the future have the right to change

After a nice full description of bitcoin EzioAuditoreX Against any currency value is based on the recognition of the holder, whether bitcoin (and all similar virtual currency) or national issue of legal tender is so

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