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To: Errant

I read through the topics quickly and find nothing that makes my “barter” comments incorrect. You, however, found all of them incorrect...please describe how bitcoin is not just another “barter” system creating its own currency guarded by a few “owners”.


52 posted on 01/15/2014 11:29:02 AM PST by Dutchboy88
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To: Dutchboy88
please describe how bitcoin is not just another “barter” system creating its own currency guarded by a few “owners”.

In the first place, Bitcoin is guarded by thousands and thousands of "owners" not just a few. Bitcoin or any system of exchange for that matter, simply put, is a system of accountability. With Bitcoin, it consists of a distributed public ledger system all get to see; with FRNs, the Fed keeps the ledger and few get to see it; with gold, it's possession.

Each has advantages and disadvantages depending upon who has control and etc. A "barter" system is the direct exchanging goods or services for other goods or services without the use of a "medium" of exchange (i.e., currency).

53 posted on 01/15/2014 11:52:09 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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