7 ms·

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

by 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?