Comment Re:Vive le Galt! (Score 1) 695
But bitcoin is money.
No, it isn't.
I dunno about that. Seeing as how companies are accepting it as a means of payment (Overstock, Tiger Direct, Tesla dealerships, etc), it pretty strongly represents the definition of money/currency: http://dictionary.reference.co...
That didn't happen - the tesla was paid for with dollars by Bitpay (who received bitcoins), Overstock uses Coinbase to get their money in dollars and the Tiger Direct website is down as of writing. IOW, none of the retailers took any bitcoins from shoppers, they take dollars from exchanges. None of the shoppers paid any retailer any bitcoins, rather they paid bitcoins to an exchange. For "retailer accepts bitcoin" I expect them to actually take the purchasers bitcoins and convert the btc to dollars, not ask for it to be converted before purchase
Regardless of whether the retailer actually accepted bitcoins or not (they don't), retailers also accept part payment in coupons, or store vouchers, etc. None of which are money or currency.
For me, the most basic definition of money is "representative item of value used in the exchange of goods and services", which bitcoin certainly meets.
The most accurate definition of money is "common item of barter", which btc also isn't.