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> it made it possible to create a decentralized store of value without the need of a central authority In itself, that always existed: it's called gold and gem
by Udik 9y ago
> it made it possible to create a decentralized store of value without the need of a central authority
In itself, that always existed: it's called gold and gems. It's the most primitive store of value ever- modern economies were born when we went past it.
- zik 9y agoGold and gems can't be instantaneously and safely transacted over the internet. Name-calling cryptocurrencies "primitive" when they're clearly not doesn't lend a lot of weight to your argument.
- Udik 9y agoYes, bitcoin is better than gold in that it's virtual and can be transferred over the internet. But that doesn't change the fact that it's a store of value like gold is, and not a currency. > Name-calling cryptocurrencies "primitive" I called gold primitive as a currency. And made an argument for bitcoin (specifically) being similar to gold. Edit: btw, gold 500 years ago had the same exact property of bitcoin today: it was immediately transferable to anybody you were in contact with and could buy goods from. That didn't make it better.
- usrusr 9y agoBTC cannot be instantaneously transacted at all, over the internet or otherwise.
- imglorp 9y agoIt's closer to a commodity than a currency: fixed supply. In fact, the IRS is treating BTC as a commodity, to be valued, for tax purposes.
- Frogolocalypse 9y agoYou should probably at some point recognize that everyone doesn't live in America
- imglorp 9y agoOh sure, US was just demonstrative: I think commodity is the right mindset, both as a user and as a community. Banning it's not going to happen, taxing it will be tricky, and it may be premature to rework anybody's tax system just for BTC.