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You're evading the question. If you can't at some point in the chain trade your fancy bitcoin beads for services or goods, then how is it any different than mo
by chakalakasp 9y ago
You're evading the question. If you can't at some point in the chain trade your fancy bitcoin beads for services or goods, then how is it any different than monopoly money? Right now it is useful because it can be easily traded for currencies that can purchase those things.
- oarsinsync 9y agoStores of value tend to have high liquidity. I hate the analogy, but a single exchange (or a series of exchanges) going down doesn't prevent you from selling your gold. Your preferred method of selling gold may be temporarily unavailable, but it'll be back. Meanwhile, keeping with that analogy, actually selling gold takes quite a long time when you hold the physical asset yourself, and the fees are not small there either, as validation needs to be performed to confirm the gold you're supplying is authentic. Truly, I hate the analogy, because digital assets like this are supposed to be better, not just as bad, as their physical counterparts.
- WA 9y agoThe thing is, if one ore more major exchanges go down, there might be a panic, which rapidly decreases the selling price and thus, the value of BTC. So where is your store or value, if you can’t withdraw? What if a law is passed that allows BTC currency conversion only to a small amount per day, because of whatever reason? Currencies like the USD don’t have this property. There is no need to exchange your money to make it valuable.