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Bitcoin Obliterates "The State Theory Of Money"

Once you get past the childish title, the recent bitcoin piece from Karl Denninger raises some issues that warrant consideration from bitcoin economists. Denninger is an intelligent student of the capital markets and his essay deserves a serious reply.


Forbes Contributor Jon Matonis lays out an excellent counter argument in favor of Bitcoin vs State sponsored money.

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Thanks for the article:

I really enjoyed it.

It's a must read!

Make a Post with it Jeffy.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

SteveMT's picture

Bitcoin is being covered now by the MSM. Why?

Is Bitcoin going mainstream a sure sign that something is up?

NBC News is also covering Bitcoin:

The Karl Denninger piece for reference:


Are too many people already on the Bitcoin bandwagon?

BitCoin is so yesterday. It's played out.

Without government force, I wouldn't trade anything of value for BitCoins or FRN's because they represent nothing of value.

For those who want their digital currency to represent something of value I suggest BitCoin 2.0.


Good for you.

Good for you. /shrug

Personally I like the concept of competing currency. The fact that some people choose not to participate is part of the whole "competition" thing. You are free to use or not use it.

The point of the article is that Bitcoin is showing that a currency can work without being sponsored by a State. This is an important point, regardless of whether an individual chooses to actively use it or not.

Less trees, more forest.

Pyramid scams don't need government interference to thrive.

All a pyramid scam needs to thrive is a fresh supply of suckers and somebody willing to sell it to their friends and families. The world is filled with people who want what a pyramid scam offers.

P. T. Barnum: "There's a sucker born every minute."

Quit trolling bitcoin threads with your disinfo

Or please lay out for us exactly why bitcoin is a "pyramid scam"

Ron Paul brought me here.