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Article #620315Re: Bitcoin confusion?
From: Peter Flass
Date: Tue, 13 Feb 2018 22:18
Date: Tue, 13 Feb 2018 22:18
47 lines
3482 bytes
3482 bytes
Huge <Huge@nowhere.much.invalid> wrote: > On 2018-02-13, AndyW <An...@nojunqmail.com> wrote: >> On 13/02/2018 10:09, Huge wrote: >>> On 2018-02-13, AndyW <An...@nojunqmail.com> wrote: > > [16 lines snipped] > >>>> There is a difference between legal tender and legal currency. Scottish >>>> note are not legal tender anywhere (including Scotland IIRC) but they >>>> are legal currency. >>> >>> They are no such thing. >> >> The issue of Scottish (and NI) banknotes is authorised by UK parliament >> and underwritten by the Bank of England. This is set out in the Banking >> Act 2009 Part 6 Banknotes: Scotland and Northern Ireland. > > And before 2009? > > But yes, I was wrong, apologies. However, my original points stand; > > - "legal tender" doesn't mean what a lot of people here think it does. > > - what is "legal tender" varies dramatically between jurisdictions. > > - That, as you rightly point out, money can be money without being legal > tender. > > - That the definition of money as "what you can pay your taxes with" is > naive verging on stupid. The standard economic definition is "a medium of > exchange, a measure of value or a means of payment". No mention of > taxes. > > - That stating "a pound is worth a pound" *is* stupid. A multi-trillion > dollar FX market shows that. > > - That money is what people agree it is. There's nothing special > or magic about it. If people agree Bitcoin is money then it *is* money. As > were cowrie shells, cocoa beans, cows and many other things not necessarily > beginning with 'C'. > > On one Pacific island they use huge stone wheels as money. -- Pete
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