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Eliezer_Yudkowsky comments on Bitcoins are not digital greenbacks - Less Wrong
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Using it as a store of value is detrimental. Anyone bidding on a Bitcoin is not bidding on a productive project.
It seems that the same goes for gold, real estate, and so forth when they are used as a store of value. The difference is that unlike bitcoin, these things have other productive uses that they could be put to, less expensively, if they weren't being used as a wealth-counting mechanism.