Bitcoins *prove* Mengerian account of money creation?

[MoonShadow]

I find these ongoing debates amusing. For not other reason than the silly idea that people continue to argue whether or not bitcoin is a medium of exchange or not. I’ve used it for so many transactions, and bought so many things (both real and virtual) that I consider the ongoing debate rediculous. Even I, once upon a time, considered Bitcoin to be young and at risk. I no longer believe this. It’s beyond the point that it could be deliberately crushed, and far beyond the point that a natural failure could even enter the realm of possibilities. Bitcoin will outlive me, so long as the Internet will. I cannot be as certain about the US FRN, and most certianly don’t think the Euro will survive the decade in any recognizable form other than name.

[Anenome]

@Malachi

Youre making the same folly. Monetary status is a subjective determination. For me, bitcoins and poker chips arent money because I dont transact with them. For some classes of people, poker chips, bitcoins, and cigarettes and the like are money, and thus within that context are properly referred to as “money.” monetary status is not a categorical distinction that could be expressed with econometrics as in “when a given transactor employs greater than x metric transaction cost for a transaction in any given other medium” or somesuch. Monetary status is a subjective determination, and cant be otherwise because any attempt to define a population is inherently arbitrary, unless you define a population in terms of its use of the given currency, where its 100%.

This is the only answer that makes sense on that score of when something becomes money.