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Bitcoin and its possible significance for Ukraine & Russia

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Old 2nd September 2014, 19:25
Siefert Siefert is offline
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Question Bitcoin and its possible significance for Ukraine & Russia

This is a two part video with Max Keiser and Trace Meyer in which they discuss Bitcoin and geopolitics.

Max Keiser and Trace Mayer discuss Bitcoin and geopolitics

Each part is split up into two halves and in each 2nd half Max talks with Trace Meyer about Bitcoin etc.
In the second half of the second video in addition they also talk about Russia and the Ukraine and the possible uses of Bitcoin for the BRICS. They also comment on the significance for the IMF and the US of Ukraine and its agricultural lands and how they do not want to see the country to be split up.

Please note, I bring this only as a messenger since I am interested in Bitcoin and I was equally surprised that Ukraine was discussed.
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Old 14th September 2014, 18:09
Hannia Hannia is offline
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As we also know from Aristotle, true money is defined by the four characteristics:

1. Money must be durable. Money must stand the test of time and the elements.
2. Money must be portable. Money (coin currency) holds it “worth” relative to itweight and size
3. Money must be divisible. Money should be relatively easy to separate and re-combine without affecting its fundamental characteristics.
4. Money must have intrinsic value. The value of money should be independent of any other object and contained in the money itself.

By these measures, it could be argued that Bitcoin meets Aristotle’s divisibility and portability criteria, but fail to meet the durability, and intrinsic value criteria. The Mt Gox fiasco shows Bitcoins to be vulnerable to internet security threats and hacking. Therefore, Bitcoins are not very durable. By their very nature, Bitcoins have zero intrinsic value. A crypto-coin is only as valuable as its security code. Who would assign value to a Bitcoin account that could be accessed by anyone without even a password?

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