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My favorite response so far: Prompt: And what of the CRYPTO-CURRENCY? Response:
CRYPTO-CURRENCY, a new Kind of Money, of which the first Species was called Bitcoin, and the second, Ethereum, and others since. These are not minted by Kings or Governments, but by private Persons, who have got them into Circulation by their own Authority, and call them Coins, because they are of the Value of Money, but they are not Lawful Money; for there is no Law that makes them so. They are a sort of Counterfeit Money, which has its own particular Value, and is bought and sold like other Commodities. The Price of these Crypto-Currencies varies every Day, according to the Opinion of those who deal in them; for they have no intrinsic Value, but only what they are worth to the Buyers and Sellers. As to their being a means of Trade, we need not say any Thing about them, since they are not allowed to pass current in any Country, either as Money or Credits, nor will they ever be received as such, unless the Government shall make them Legal. But though the Trade which is carried on by means of these Crypto-Currencies is not legal, yet it is considerable, especially among those who are fond of speculation, and are not afraid of risking their Money. It is said, that there are some People, who have made large Fortunes by dealing in these Crypto-Currencies, but it is not certain that they did not lose as much as they gained, or even more. The History of the World affords no Example of any Crypto-Currency that has lasted long, or ever become a general Medium of Exchange. If the Trade carried on by means of these Crypto-Currencies were stopped by the Authority of the State, those who had invested their Money in them would lose their Capital, and be left without any Resources. The only Security that the Owners of these Crypto-Currencies have is the Opinion of the Public, which may change at any Time, and leave them without any Value. |