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Right, the same people telling you it's going to $100K are the ones saying this is a digital currency that should be spent. Well, I sure ain't about to spend $1
by aviv 9y ago
Right, the same people telling you it's going to $100K are the ones saying this is a digital currency that should be spent. Well, I sure ain't about to spend $100K to buy 2 MacBook Pros.
- AgentME 9y agoEven if you think Bitcoin is going to $highNumber, then using Bitcoin to make purchases isn't any more painful than using dollars: the dollars could have been spent on purchasing more bitcoin instead of the other purchase.
- wahern 9y agohttps://en.wikipedia.org/wiki/Endowment_effect https://en.wikipedia.org/wiki/Endowment_effect
- elif 9y agoThose two positions are obviously congruent. In the scenario where you believe bitcoin will be worth $100,000 and you have $7,000 or 2BTC, you decide to buy a computer for $3,500. If the remainder of your value is in dollars, you will have $3,500 in value. If the remainder of your value is in bitcoin, you will have $100,000. The depreciating asset you've invested in here is the macbook, not bitcoins. I have a 1.4 bitcoin T-shirt. I don't regret it one bit.
- dmichulke 9y ago> I have a 1.4 bitcoin T-shirt. Is that you? http://i.dailymail.co.uk/i/pix/2013/01/04/article-2257209-16C051F1000005DC-920_634x822.jpg http://i.dailymail.co.uk/i/pix/2013/01/04/article-2257209-16...
- baddox 9y agoThose two groups may have overlap, but they’re not identical groups.
- rblatz 9y agoAnd that’s why the fed ensures we have a mildly inflationary currency. If it deflated spending would drop, cutting the velocity of money, and cutting out economic growth.
- 0x445442 9y ago"If it deflated spending would drop" That statements not a given. If it were so, people would not use credit cards.
- rblatz 9y agoThat’s interesting, I’ve never thought about credit cards as a sort of deflationary virtual currency.
- seanot 9y agoYou're discounting the technology sector and nearly the entire 19th century.