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Tuesday, February 23, 2016

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pussycat catnap

Bitcoin is the currency of choice for criminal activity.

With each passing story of a criminal operation funded through bitcoin, its ability to stay out of the arm of legal action will diminish.

It is only a matter of time until the purchase, possession, or transfer of bitcoin itself becomes a crime.

Shockwave Yareach

A) Bitcoin is by design outside mainstream finance

B) poor people don't have computers in impoverished lands.

C) even the poorest goat herder in goombastan gets a few coins for a goat. Thus he's part of the system. He won't make what a CEO makes, but he is in the system for the country he is in. Bitcoin is not going to be accepted by him for the same reason he won't accept Monopoly money - he can't spend it

Bitcoin ignores a fact about money - it is nothing but a unit of change. It's value comes either from the money itself like a gold coin, or from what people are willing to give it like paper money. today you can find a gold coin from mid 1800s and still use it. But a box with a million confederate dollars will be worthless. Unless Bitcoin replaces all currency in all countries nobody will care about it. And since that would mean govt around the world losing control of their economies, you know how well that will be received.

Brookston Holiday

I agree with your points about bitcoin not being widely used to buy anything, but I don't think it follows that, therefore, it will fail.

Traditionally, money is thought to have two uses. One is as a means of exchange and the other is as a store of value. You're right that it sucks right now if you want to get a hot dog and all you have are bitcoins. But as a store of value, bitcoin has a lot going for it. The exchange rate volatility seems to be decreasing over time. Also, the supply of bitcoin is perfectly predictable and limited, which makes it a great inflation hedge.

Historically, gold and real estate are the most stable ways to store value. At least theoretically, bitcoin is better.

Extropia DaSilva

For something to function as a currency it must be:

Durable,
Portable,
Divisible,
Fungible.

For something to function as money it must have the above plus one extra: It must be a store of value. Although most people don't distinguish between money and curreny there really is a difference between the two. Currency leaks value over time and money retains it.

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Wagner James Au
Wagner James "Hamlet" Au
Dutchie Evergreen Slideshow 29112021
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