4 ms·
The fundamental value of $1 is $1, since it allows you to pay off $1 of your tax liability to the U.S. government.
by kpommerenke 9y ago
The fundamental value of $1 is $1, since it allows you to pay off $1 of your tax liability to the U.S. government.
- imaginenore 9y agoOk, then the fundamental value of 1BTC is 1BTC, since it allows you to pay of 1BTC of any liability to whoever accepts Bitcoin.
- Double_a_92 9y ago> to whoever accepts Bitcoin That's the difference.
- imaginenore 9y agoYes, in your case it's "whoever accepts the dollar". Huge difference /s
- provost 9y ago> to whoever accepts Bitcoin Double_a_92 is pointing out a distinction -- USD is pure legal tender, that is mandated by the US government to be accepted for payments of debts. Bitcoin is not.
- petters 9y agoDon't you see the difference? The value of the dollar at least partly comes from a government that has forced a demand.
- Infernal 9y agoIn case you're honestly approaching this and misunderstanding, the value of the dollar lies in that the US gov't transacts taxes in dollars. It's not just "whoever" - if BTC had a reasonably equivalently vital transaction that it could be used for (OPEC switches to BTC, EU switches to BTC) then it would be a bit more apples to apples.
- seppin 9y ago> allows you to pay of 1BTC of any liability to whoever accepts Bitcoin exactly.