> BREAKING: Bitcoin market crashes. Everyone is dumping their bitcoins for pennies on the dollar.

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Let's hear it then. This problem vexed economists for centuries, but you've figured it out.

I'm all ears....

IE's fundamental problem is he thinks words can mean whatever he wants them to mean.

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IE's fundamental problem is he thinks words can mean whatever he wants them to mean.

IE probably doesn't even know what the competing theories are. Intrinsic worth theory, labor theory, subjective theory.

IE, care to take a crack at defining just one of those theories?

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Net Zero forced him to log out again.  See, right there, it is cheap, but isn't a value. 

Now you're using value in a different sense, you're just going to confuse him.

When he logs back on. Later today. If the line noise isn't too bad.

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Bitcoin [newstechnica.com] is a decentralised computer currency designed by self-righteous Ayn Rand-reading nerds who despise looters and parasites like, er, you. It is used to purchase Internet services, illegal drugs and pictures of naked women holding video cards.

Bitcoin works by an emergent synergy of cryptography, peer-to-peer, anonymity, anarchism, libertarianism, wasting stupendous quantities of electricity, the marketing department at NVidia, the enduring exchange value of tulip bulbs and doing all of this instead of Folding@Home.

Bitcoin successfully harnesses a hitherto-unexploited Internet resource: the vast reserves of unexamined privilege amongst computer programmers. Coins are "mined" by stealing them from people who are able to comprehend this level of computer science but still keep their Bitcoin wallet in plain text on a Windows machine.

The Bitcoin system is robustly designed to continue past the collapse of the US dollar and the world economy, as the Internet, fast computers and reliable electricity are all expected to be readily available when barbarian hordes are wandering the burnt-out post-apocalyptic remnants of civilisation.

It is completely incorrect to describe Bitcoin as a "pyramid scheme." Technically, it's a "pump-and-dump."

Many common products are still inexplicably not purchasable with Bitcoins. "It's as if they don't understand the revolutionary wonder of Bitcoin," says Debian developer Hiram Nerdboy, 17. "I can't get chicks with Bitcoins either. Even with my slickest Pick-Up Artist techniques! It's as if my knowledge of economics and game theory didn't apply to real life. But that's impossible, of course. They're probably just theists. Hold on, I just gotta post to Slashdot about this."

Bitcoin was invented by Internet libertarians, in the spirit of freely-chosen individual interpersonal interactions that will bring about the utter collapse of the oppressive taint of the dead hand of government, in order to make money at your expense.

What could possibly go wrong?
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Zynga's virtual currency has been legally established to have value:

http://www.gamerlaw.co.uk/2011/02/first … acker.html

Prosecutor Gareth Evans said Zynga had not been, in essence, deprived of any goods. He claimed there may be a knock-on effect as more customers bought the poker chips on the black-market instead of paying Zynga.

Judge Wassell asked if the case was any different from stealing notes from the Royal Mint ? the UK?s body that manufactures British currency.

Prosecutor Evans replied that, in theory, there was no difference because the mint can produce more currency if its goods were stolen.

He said there is, however, a difficulty in valuing the chips because they are digital. But if Zynga had sold them legitimately the value would have been around $12 million.

Jas Purewal, lawyer and author of Gamer/Law, explained to Develop that the case has set a new precedent.

?This shows that the legal regulation and protection of virtual goods and currency, which historically has been fairly uncertain, is evolving fast - driven partly by the boom in virtual goods sales in games.

?This case is particularly interesting because it involved a UK court recognising virtual currency - in this case, Zynga chips - as legal property which can be protected by existing UK criminal laws.

?The court effectively found that, even though virtual currency isn't real and is infinite in supply, it still can deserve legal protection in the same way as real world currency?.

Here IE, you must have dropped these:

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You should load up on it, faggot.

IN OTHER NEWS, UNICORNS ARE DECLARED REAL AND ARE EXPECTED TO USE RAINBOWS TO CURE THE ECONOMY.

I wouldn't pay for a video game but they have value.

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Bump

Your connection is not private
Attackers might be trying to steal your information from bitcoincharts.com

This aged well