Bitcoins are sometimes called virtual cash. But a better analogy is to Rai stones, a currency historically used in Yap, an island in Micronesia. Yapese used large stone disks, up to 12 feet in diameter, to pay for big transactions. Difficult to move, however, Rai stones were often just left in their place. A person using his stone to pay someone else would publicly announce the transfer of the stone’s ownership. According to one anthropologist, a large stone once fell into ocean en route to the island. Rather than mourn the loss, the islanders continued to accept the stone as a valid form of payment, even though no one ever saw it again.

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And this means, of course, that nobody can tell Bitcoin users what they should and shouldn’t be spending their money on -- for good or for ill.

This is not and should not be the function of 'regular' currency. Therefore, invalid criticism of BTC.

posted 3730 days ago