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> Without being a state (e.g. selling trust) or having huge amounts of gold to back up a new currency, the only reason someone would wanna buy it, is indeed, th

by MarkMc 9y ago

> Without being a state (e.g. selling trust) or having huge amounts of gold to back up a new currency, the only reason someone would wanna buy it, is indeed, the future value that could hold Are you saying that gold can be a currency but Bitcoin cannot? > Bitcoin or any cryptocurrency can work as an asset but not as a currency given the current design. Why can't it be both? If I expect my Bitcoin to appreciate 5% per year I might be willing to spend it to buy my weekly groceries.

atmosx 9y ago
> Are you saying that gold can be a currency but Bitcoin cannot? No. > Why can't it be both? If I expect my Bitcoin to appreciate 5% per year I might be willing to spend it to buy my weekly groceries. You might be or might not be. I assure you, the majority will not be willing to buy groceries using a deflationary currency. They'll switch to an inflationary currency instead.
- MarkMc 9y ago
  >> Are you saying that gold can be a currency but Bitcoin cannot? > No. Hmm... so gold cannot be a currency?
  - atmosx 9y ago
    We'd have a succinct conversation if you'd take the time to express what's on your mind instead of playing around with questions. I feel you're trying to make a point but I can't tell what it is :-) I'll bite the bullet though: > Hmm... so gold cannot be a currency? Everything can be a currency. Ascorbic acid could be a currency in the future if the humankind moves to planets where Citreae are hard to find. If I'm not mistaken, the topic was about the effectiveness of bitcoin as a currency.
    - MarkMc 9y ago
      My point is that gold has similar properties to Bitcoin. That is, there is limited supply, very limited government control and many people treat it as a store of value. You said earlier that "Currencies are enforced and controlled by central, powerful authorities". There is no central authority for gold yet it has been a currency for thousands of years. You seem to accept the special status of gold by implying that a cryptocurrency could be effective as a currency if it was backed by gold. So my question is what makes gold so special? Why can't the current design of cryptocurrencies be just like gold, only more convenient?
      - atmosx 9y ago
        > My point is that gold has similar properties to Bitcoin. I see, the correct version would be: Fiat currencies [...]. > My point is that gold has similar properties to Bitcoin. I agree with your point. > Why can't the current design of cryptocurrencies be just like gold, only more convenient? Cryptocurrencies are a lot like gold. But as you said, gold is around for centuries. Can you bet 10 million USD that bitcoin will be around next year?

by MarkMc 9y ago

atmosx 9y ago

> Are you saying that gold can be a currency but Bitcoin cannot? No. > Why can't it be both? If I expect my Bitcoin to appreciate 5% per year I might be willing to spend it to buy my weekly groceries. You might be or might not be. I assure you, the majority will not be willing to buy groceries using a deflationary currency. They'll switch to an inflationary currency instead.

MarkMc 9y ago
>> Are you saying that gold can be a currency but Bitcoin cannot? > No. Hmm... so gold cannot be a currency?
- atmosx 9y ago
  We'd have a succinct conversation if you'd take the time to express what's on your mind instead of playing around with questions. I feel you're trying to make a point but I can't tell what it is :-) I'll bite the bullet though: > Hmm... so gold cannot be a currency? Everything can be a currency. Ascorbic acid could be a currency in the future if the humankind moves to planets where Citreae are hard to find. If I'm not mistaken, the topic was about the effectiveness of bitcoin as a currency.
  - MarkMc 9y ago
    My point is that gold has similar properties to Bitcoin. That is, there is limited supply, very limited government control and many people treat it as a store of value. You said earlier that "Currencies are enforced and controlled by central, powerful authorities". There is no central authority for gold yet it has been a currency for thousands of years. You seem to accept the special status of gold by implying that a cryptocurrency could be effective as a currency if it was backed by gold. So my question is what makes gold so special? Why can't the current design of cryptocurrencies be just like gold, only more convenient?
    - atmosx 9y ago
      > My point is that gold has similar properties to Bitcoin. I see, the correct version would be: Fiat currencies [...]. > My point is that gold has similar properties to Bitcoin. I agree with your point. > Why can't the current design of cryptocurrencies be just like gold, only more convenient? Cryptocurrencies are a lot like gold. But as you said, gold is around for centuries. Can you bet 10 million USD that bitcoin will be around next year?