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They are not socialist in nature. Socialism is a system in which workers own the means of production instead of capital holders. I mean this in the friendliest

They are not socialist in nature. Socialism is a system in which workers own the means of production instead of capital holders. I mean this in the friendliest way possible, you are not using the word socialism correctly. If you have a currency that is increasing in value, and one decreasing, which do you choose to spend? You would not "use" deflationary currency, only hold onto it. Yes the economy will restructure. People will spend USD and keep Bitcoin in their pocket. People will want to be paid in USD because they can use it to buy stuff. Bitcoin is and will stay relegated to an interesting experiment people invest in, and only use if they need its anonymity.

anonymous5133 9y ago
Perhaps I was using the wrong word. The word I am talking about is something along the lines of self-sacrifice for the benefit of society. Which is pretty much the premise of socialism (workers own the means of production because this benefits society more than private capital holders owning it). >If you have a currency that is increasing in value, and one decreasing, which do you choose to spend? You would not "use" deflationary currency, only hold onto it. Like I said, you can't eat bits of currency. I would spend the deflationary currency but I would be more hesitant to spend it. I would buy stuff that I really want or need. People aren't going to starve to death or go homeless because they want to hold on to their deflationary currency. That's not reality. >Yes the economy will restructure. People will spend USD and keep Bitcoin in their pocket. People will want to be paid in USD because they can use it to buy stuff. Bitcoin is and will stay relegated to an interesting experiment people invest in, and only use if they need its anonymity. You are seeing the situation for what it is now, not for what it will be in the future. Crypto is gaining more acceptance world wide. Yes, currently people prefer to be paid with USD or similar but in the future it could be possible that people prefer crypto. Also there are lots of businesses and services that directly or indirectly accept crypto. I disagree with your last sentence. Like all things, bitcoin started as an experiment but it will go on to change the world similar to how the internet changed the world. Entire industries will be disrupted as a result. I have been in crypto since 2011 and to even be having this discussion today already shows me that the experiment has been a monumental success. In 2011, I would have never even imagined that bitcoin would reach 10k per coin.
- raiflip 9y ago
  "Like I said, you can't eat bits of currency. I would spend the deflationary currency but I would be more hesitant to spend it. I would buy stuff that I really want or need. People aren't going to starve to death or go homeless because they want to hold on to their deflationary currency. That's not reality." Yes but if you had the choice between spending a deflationary currency or inflationary, which would you spend? Unless you want to outlaw USD in general, because USD is decreasing in value you have an incentive to spend it. "You are seeing the situation for what it is now, not for what it will be in the future. Crypto is gaining more acceptance world wide. Yes, currently people prefer to be paid with USD or similar but in the future it could be possible that people prefer crypto. Also there are lots of businesses and services that directly or indirectly accept crypto. I disagree with your last sentence. Like all things, bitcoin started as an experiment but it will go on to change the world similar to how the internet changed the world. Entire industries will be disrupted as a result. I have been in crypto since 2011 and to even be having this discussion today already shows me that the experiment has been a monumental success. In 2011, I would have never even imagined that bitcoin would reach 10k per coin." I want to engage with you but I don't see an argument here. You are only asserting that "this is the way things are, but they will change!" without saying why.

anonymous5133 9y ago

Perhaps I was using the wrong word. The word I am talking about is something along the lines of self-sacrifice for the benefit of society. Which is pretty much the premise of socialism (workers own the means of production because this benefits society more than private capital holders owning it). >If you have a currency that is increasing in value, and one decreasing, which do you choose to spend? You would not "use" deflationary currency, only hold onto it. Like I said, you can't eat bits of currency. I would spend the deflationary currency but I would be more hesitant to spend it. I would buy stuff that I really want or need. People aren't going to starve to death or go homeless because they want to hold on to their deflationary currency. That's not reality. >Yes the economy will restructure. People will spend USD and keep Bitcoin in their pocket. People will want to be paid in USD because they can use it to buy stuff. Bitcoin is and will stay relegated to an interesting experiment people invest in, and only use if they need its anonymity. You are seeing the situation for what it is now, not for what it will be in the future. Crypto is gaining more acceptance world wide. Yes, currently people prefer to be paid with USD or similar but in the future it could be possible that people prefer crypto. Also there are lots of businesses and services that directly or indirectly accept crypto. I disagree with your last sentence. Like all things, bitcoin started as an experiment but it will go on to change the world similar to how the internet changed the world. Entire industries will be disrupted as a result. I have been in crypto since 2011 and to even be having this discussion today already shows me that the experiment has been a monumental success. In 2011, I would have never even imagined that bitcoin would reach 10k per coin.

raiflip 9y ago
"Like I said, you can't eat bits of currency. I would spend the deflationary currency but I would be more hesitant to spend it. I would buy stuff that I really want or need. People aren't going to starve to death or go homeless because they want to hold on to their deflationary currency. That's not reality." Yes but if you had the choice between spending a deflationary currency or inflationary, which would you spend? Unless you want to outlaw USD in general, because USD is decreasing in value you have an incentive to spend it. "You are seeing the situation for what it is now, not for what it will be in the future. Crypto is gaining more acceptance world wide. Yes, currently people prefer to be paid with USD or similar but in the future it could be possible that people prefer crypto. Also there are lots of businesses and services that directly or indirectly accept crypto. I disagree with your last sentence. Like all things, bitcoin started as an experiment but it will go on to change the world similar to how the internet changed the world. Entire industries will be disrupted as a result. I have been in crypto since 2011 and to even be having this discussion today already shows me that the experiment has been a monumental success. In 2011, I would have never even imagined that bitcoin would reach 10k per coin." I want to engage with you but I don't see an argument here. You are only asserting that "this is the way things are, but they will change!" without saying why.