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recently? well folks look like this argument is going to be around forever. people were saying the same things in 2012. bitcoin is functioning at the same stan
by ringaroundthetx 9y ago
recently? well folks look like this argument is going to be around forever. people were saying the same things in 2012.
bitcoin is functioning at the same standard of any existing currency, so no need to make a new higher standard for it. The M1 supply is a tiny fraction of the asset and used for buying things. The M2 and M3 supply is a larger stockpiled group which is also being used for investing in things inside of its own economy.
Thats not controversial.
- forkLding 9y agoI understand I am making a presumption here by saying this and can be proven wrong, but I cant find exact data on people spending a lot of Bitcoin on services that take in Bitcoin thus I am presuming that people dont want to pay but are buying and holding Bitcoin and thus operates with a different standard than your typical US dollar which could pose a problem and also kind of goes against the idea of a currency used by everyone and decentralized from any govt.
- ringaroundthetx 9y agoThere's no way to definitely prove you wrong, and there's no way your presumption can be proven right. Bitcoin volumes increase month over month, Bitcoin transactions onchain still increase month over month, or at least year over year so far, you can try to extrapolate days destroyed to see how much of the supply moves But you will never know the purpose behind the transactions. Payment processors releasing data wouldn't even give a picture of peer to peer purchases happening, and they aren't even releasing data. People investing in mining cooperatives, mining hardware, and token sales for all manner of organizations, are all part of the picture. And this will be in the billions this year.