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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

by 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.

by AJRF 8y ago

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.