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>but its likely that you will be able to use it for payment even if all else fails. Can you give an example of a modern economy collapsing and reverting to gol

>but its likely that you will be able to use it for payment even if all else fails. Can you give an example of a modern economy collapsing and reverting to gold as a medium of exchange?

DougN7 9y ago
I can't give any such example. However, EVERY economic collapse has been followed by rebuilding. Maybe the nation has a new name or new boundaries, but something is always rebuilt. And once it is, gold has value again.
MichaelBurge 9y ago
I hear Bitcoin is popular in Venezuela, where the people hunt pigeons for food after the communists took over. It's also popular in China, where - again - people are scared of their government. I don't know that the US federal government is as scary, but it's not unheard of.
- atemerev 9y ago
  Especially when your and their opinions on taxable assets differ.
  - MichaelBurge 9y ago
    Oppressive governments are essentially the only good reason to use bitcoin, since the usual financial system is far more efficient at storing and transmitting money. He's either evading taxes or speculating.
    - atemerev 9y ago
      Even generally non-oppressive governments make errors, and it happens more often that you'd think (and suing might be prohibitively expensive, untimely, or not an option at all).
    - aianus 9y ago
      My bank charges $40 + 2% forex spread for a wire transfer to Thailand. With Bitcoin I actually come out at a small profit. Bitcoin is way better at consumer level international transfers than banks.
    - aminorex 9y ago
      The usual financial system is far more efficient at converting your wealth for the use of the oligarchs. USD for example has lost almost 100% of its value since the institution of the Federal Reserve system. The wealth did not go away. It was merely transferred from the populace to the rentiers.
- chc 9y ago
  So we're back to "Bitcoin is mainly good for evading the law."
  - atemerev 9y ago
    The law is not always universally good.
pjc50 9y ago
Mostly collapsing countries revert to .. dollars.

>but its likely that you will be able to use it for payment even if all else fails. Can you give an example of a modern economy collapsing and reverting to gold as a medium of exchange?

DougN7 9y ago

I can't give any such example. However, EVERY economic collapse has been followed by rebuilding. Maybe the nation has a new name or new boundaries, but something is always rebuilt. And once it is, gold has value again.

MichaelBurge 9y ago

I hear Bitcoin is popular in Venezuela, where the people hunt pigeons for food after the communists took over. It's also popular in China, where - again - people are scared of their government. I don't know that the US federal government is as scary, but it's not unheard of.

atemerev 9y ago
Especially when your and their opinions on taxable assets differ.
- MichaelBurge 9y ago
  Oppressive governments are essentially the only good reason to use bitcoin, since the usual financial system is far more efficient at storing and transmitting money. He's either evading taxes or speculating.
  - atemerev 9y ago
    Even generally non-oppressive governments make errors, and it happens more often that you'd think (and suing might be prohibitively expensive, untimely, or not an option at all).
  - aianus 9y ago
    My bank charges $40 + 2% forex spread for a wire transfer to Thailand. With Bitcoin I actually come out at a small profit. Bitcoin is way better at consumer level international transfers than banks.
  - aminorex 9y ago
    The usual financial system is far more efficient at converting your wealth for the use of the oligarchs. USD for example has lost almost 100% of its value since the institution of the Federal Reserve system. The wealth did not go away. It was merely transferred from the populace to the rentiers.
chc 9y ago
So we're back to "Bitcoin is mainly good for evading the law."
- atemerev 9y ago
  The law is not always universally good.

pjc50 9y ago

Mostly collapsing countries revert to .. dollars.