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If only someone else needed bitcoin. For example sovereign issuers of fiat currency insist that taxes are paid in their fiat currency. Because that's what rea
by branchless 9y ago
If only someone else needed bitcoin.
For example sovereign issuers of fiat currency insist that taxes are paid in their fiat currency.
Because that's what really makes a currency once we get past the facile "a unit of exchange" chat.
- bluecalm 9y agoIt's not even taxes. If you get a dollar it means someone else borrowed it and they have to give it back at some point or a powerful entity with and army, police and legal system will go after their assets. Your dollar will always be valuable to someone with debt. BTC are just pretty tokens once the craze is over. There is no reason for anyone to give you anything for it.
- branchless 9y agoNot quite. You don't have to borrow a dollar for any old thing. Yes you need to eat and the shop sells food in dollars, but we need to extrapolate more. The shop wants dollars because they too have to pay their taxes. You could find a shop that takes bitcoin. You buy all your food there. Life is good, you are sat with your girlfriend eating croissants from this store. There's someone at the door. It's the government. Taxes time. Your point about the state having a monopoly on violence is critical. They want their taxes, they will send you a letter. Then another letter. Eventually they send a guy with a gun. I don't necessarily have a problem with the state having that monopoly. I'm not some raving libertarian. But the failure of bitcoin advocates to understand this distinction is wearing.