3 ms·

Unless the people already accept the value of the official currency, it is not practical for the government to use force to compel people to exchange in a parti

Unless the people already accept the value of the official currency, it is not practical for the government to use force to compel people to exchange in a particular currency. If and/or when people lose faith in the dollar, they will trade with other currencies, regardless of the government's position on the matter. Bitcoin has already proven a boon to Cypriots and Greeks as their countries' economic systems have collapsed and had their deposits placed on lockdown. It has value as a global means of exchange that can't be artificially suppressed. My personal belief is that the credibility of the dollar will fall through the floor as contemporary social issues like access to health care remain unaddressed. People will need another currency to exchange and bitcoin or another cryptocurrency will be the most ready, the most pertinent.

s_q_b 11y ago
They don't force anyone to do anything. They just refuse to accept currencies for taxes, other public debts, and government purchases. That's what creates the adopter base and the lock-in. Bitcoin is a game changer. It is held up by pure faith alone. That makes it more of a commodity than a currency. For example, Gold made good currency simply because of pure faith. I can't pretend I know I where the blockchain will lead us, but personally I'm fascinated to find out. (Quick P.S. for any Brits or Aussies, us Yanks referring to the blockchain just means blockchain tech, not specifically the Bitcoin blockchain.)
- genmon 11y ago
  Honest question (as a Brit): why call out nationality when talking about the blockchain in your PS... Have you noticed the meaning vary outside the US?
  - s_q_b 11y ago
    Yeah, in some countries "the blockchain" strongly implies Bitcoin itself, whereas in others, particularly the US, "the blockchain" could refer to a blockchain in any setting, e.g. an altcoin.
    - genmon 11y ago
      Interesting, thanks! I've not noticed that myself, but maybe that's because I'm in London and fintech is particularly strong here (I'm guessing fintech folks are more au fait with the difference between blockchain and bitcoin)

s_q_b 11y ago

They don't force anyone to do anything. They just refuse to accept currencies for taxes, other public debts, and government purchases. That's what creates the adopter base and the lock-in. Bitcoin is a game changer. It is held up by pure faith alone. That makes it more of a commodity than a currency. For example, Gold made good currency simply because of pure faith. I can't pretend I know I where the blockchain will lead us, but personally I'm fascinated to find out. (Quick P.S. for any Brits or Aussies, us Yanks referring to the blockchain just means blockchain tech, not specifically the Bitcoin blockchain.)

genmon 11y ago
Honest question (as a Brit): why call out nationality when talking about the blockchain in your PS... Have you noticed the meaning vary outside the US?
- s_q_b 11y ago
  Yeah, in some countries "the blockchain" strongly implies Bitcoin itself, whereas in others, particularly the US, "the blockchain" could refer to a blockchain in any setting, e.g. an altcoin.
  - genmon 11y ago
    Interesting, thanks! I've not noticed that myself, but maybe that's because I'm in London and fintech is particularly strong here (I'm guessing fintech folks are more au fait with the difference between blockchain and bitcoin)