5 ms·

They could consider using "dollars" which conveniently are accepted means of transaction by literally everyone.

by CPLX 8y ago

AJRF 8y ago
Oh yes Dollars, how could I forget! You forgot to mention the other upsides; they are subject to taxes when converting from crypto, you can literally have them lose value in your pocket via deflationary monetary policy, the work only with the confines of a nations borders, the list goes on and on!
- pjc50 8y ago
  > the work only with the confines of a nations borders Dollars are accepted pretty much anywhere. I always find it ironic that Americans worry about the value of their currency when it's the currency that other countries turn to when theirs has collapsed.
- JumpCrisscross 8y ago
  > they are subject to taxes when converting from crypto Using a Bitcoin gift card to purchase goods is the same as selling it for cash. > you can literally have them lose value in your pocket via deflationary monetary policy Deflation means your money gains value doing nothing. The dollar is inflationary. It loses a little bit of value if it sits around doing nothing. (If you have lots of money losing money to inflation, you're hiding illegally-obtained currency or doing something stupid.) Moreover, this is an odd complaint to make of the dollar relative to cryptocurrencies, which have a habit of suddenly losing lots of value. > the work only with the confines of a nations borders Dollars are relatively internationalized. And again, an odd complaint to make of the dollar relative to cryptocurrencies. Disclaimer: I am neither a lawyer nor a CPA. This is not legal nor tax advice.
  - pc86 8y ago
    > Deflation means your money gains value doing nothing. You're criticizing an aspect of inflationary monetary policy. What a surprise, the person railing against fiat currency and trying to reinvent credit cards "but with bitcoin, and without fees!" has no idea what they're talking about. And I think you only need that disclaimer if you are a lawyer or CPA and what you're saying could reasonably be construed as legal or tax advice.
- pc86 8y ago
  > they are subject to taxes when converting from crypto Being subject to taxes is a byproduct of the transaction, not the currency you use. You don't pay different tax rates for a transaction in Euro compared to the same transaction in USD. I'm sure what you mean isn't that BTC makes it easier to avoid paying taxes, right?
- darwin142 8y ago
  Get a grip, Cryptos can and have lost 20% of their value overnight. Compared to the value cash could lose over a year of inflation, it's not even close. Not a great argument.
  - AJRF 8y ago
    Inflation in Venezula is about to hit 1 million percent.
    - s73v3r_ 8y ago
      They're a country living under a dictatorship. Not exactly the best example.
    - darwin142 8y ago
      If you have 1 million percent inflation then sure buy bitcoin but in the US inflation is historically 2-3% a year. So your point is moot.
olivermarks 8y ago
A separate point, have you ever considered who issues 'dollars' and what they represent? https://www.investopedia.com/terms/f/fiatmoney.asp https://www.investopedia.com/terms/f/fiatmoney.asp The current era of fiat currencies is likely to shift dramatically IMO https://www.investopedia.com/terms/f/federalreservesystem.asp https://www.investopedia.com/terms/f/federalreservesystem.as...
- ataturk 8y ago
  It is interesting that you raised that point because "dollars" are Federal Reserve Notes, which, in turn, are debt instruments that fund some of the most unspeakably awful people who commit the most unspeakable acts. It funds the MIC, the war machine, and shitty politicians like Chuck Schumer, Nancy Pelosi, and establishment Republicans. Interestingly, the fight to eliminate the power structure and restore the US to "by and for the people" is being resisted by idiots who have been conditioned that Trump is a racist, misogynist hatemonger who can't do anything useful for humanity. Meanwhile, the new Administration is working hard to put things right (or right-er) it's just a very hard job with many setbacks.
- CPLX 8y ago
  Yes they are backed by the U.S. Government, the most powerful organization in the history of world civilization. They are a representation of a claim on wealth by the entity that holds a monopoly on the legal use of violence to compel people to accept said currency as a medium of exchange. So, like, pretty much what I am looking for when I need to buy stuff.
- cryptobeanbaby 8y ago
  If you're suggesting cryptocurrencies like Bitcoin or Ethereum would replace fiat, then I have a new cryptocurrency to sell you.

They could consider using "dollars" which conveniently are accepted means of transaction by literally everyone.

by CPLX 8y ago

They could consider using "dollars" which conveniently are accepted means of transaction by literally everyone.

AJRF 8y ago

Oh yes Dollars, how could I forget! You forgot to mention the other upsides; they are subject to taxes when converting from crypto, you can literally have them lose value in your pocket via deflationary monetary policy, the work only with the confines of a nations borders, the list goes on and on!

pjc50 8y ago
> the work only with the confines of a nations borders Dollars are accepted pretty much anywhere. I always find it ironic that Americans worry about the value of their currency when it's the currency that other countries turn to when theirs has collapsed.
JumpCrisscross 8y ago
> they are subject to taxes when converting from crypto Using a Bitcoin gift card to purchase goods is the same as selling it for cash. > you can literally have them lose value in your pocket via deflationary monetary policy Deflation means your money gains value doing nothing. The dollar is inflationary. It loses a little bit of value if it sits around doing nothing. (If you have lots of money losing money to inflation, you're hiding illegally-obtained currency or doing something stupid.) Moreover, this is an odd complaint to make of the dollar relative to cryptocurrencies, which have a habit of suddenly losing lots of value. > the work only with the confines of a nations borders Dollars are relatively internationalized. And again, an odd complaint to make of the dollar relative to cryptocurrencies. Disclaimer: I am neither a lawyer nor a CPA. This is not legal nor tax advice.
- pc86 8y ago
  > Deflation means your money gains value doing nothing. You're criticizing an aspect of inflationary monetary policy. What a surprise, the person railing against fiat currency and trying to reinvent credit cards "but with bitcoin, and without fees!" has no idea what they're talking about. And I think you only need that disclaimer if you are a lawyer or CPA and what you're saying could reasonably be construed as legal or tax advice.
pc86 8y ago
> they are subject to taxes when converting from crypto Being subject to taxes is a byproduct of the transaction, not the currency you use. You don't pay different tax rates for a transaction in Euro compared to the same transaction in USD. I'm sure what you mean isn't that BTC makes it easier to avoid paying taxes, right?
darwin142 8y ago
Get a grip, Cryptos can and have lost 20% of their value overnight. Compared to the value cash could lose over a year of inflation, it's not even close. Not a great argument.
- AJRF 8y ago
  Inflation in Venezula is about to hit 1 million percent.
  - s73v3r_ 8y ago
    They're a country living under a dictatorship. Not exactly the best example.
  - darwin142 8y ago
    If you have 1 million percent inflation then sure buy bitcoin but in the US inflation is historically 2-3% a year. So your point is moot.

olivermarks 8y ago

A separate point, have you ever considered who issues 'dollars' and what they represent? https://www.investopedia.com/terms/f/fiatmoney.asp https://www.investopedia.com/terms/f/fiatmoney.asp The current era of fiat currencies is likely to shift dramatically IMO https://www.investopedia.com/terms/f/federalreservesystem.asp https://www.investopedia.com/terms/f/federalreservesystem.as...

ataturk 8y ago
It is interesting that you raised that point because "dollars" are Federal Reserve Notes, which, in turn, are debt instruments that fund some of the most unspeakably awful people who commit the most unspeakable acts. It funds the MIC, the war machine, and shitty politicians like Chuck Schumer, Nancy Pelosi, and establishment Republicans. Interestingly, the fight to eliminate the power structure and restore the US to "by and for the people" is being resisted by idiots who have been conditioned that Trump is a racist, misogynist hatemonger who can't do anything useful for humanity. Meanwhile, the new Administration is working hard to put things right (or right-er) it's just a very hard job with many setbacks.
CPLX 8y ago
Yes they are backed by the U.S. Government, the most powerful organization in the history of world civilization. They are a representation of a claim on wealth by the entity that holds a monopoly on the legal use of violence to compel people to accept said currency as a medium of exchange. So, like, pretty much what I am looking for when I need to buy stuff.
cryptobeanbaby 8y ago
If you're suggesting cryptocurrencies like Bitcoin or Ethereum would replace fiat, then I have a new cryptocurrency to sell you.